Electric Works Lands Additional Funding
Less than a week after receiving state tax incentives, the Electric Works project in downtown Fort Wayne has landed financial assistance on the local level. Our partners at WPTA-TV report the Allen County Capital Improvement Board has approved a $2 million loan for the planned mixed-use innovation district.
Additionally, the Allen County Commissioners have pledged a $1 million loan, though a formal approval of the loan isn't expected until after the first of the year. Both loans are interest-free.
The loans are being allocated for site cleanup as environmental remediation efforts are scheduled to begin in the next few weeks, according to WPTA. Construction on the first phase of the project is expected to begin in the summer at the former General Electric campus in Fort Wayne.
Developers have estimated the cost of the first phase at more than $213 million.
"We've all toured it and seen it and I think most of the community leadership has done the same," Jim Cook, president of the Allen County CIB, told WPTA. "And there's a lot of pieces to this puzzle that have to come together. But in order to keep it moving, what we did today in terms of contributing to the developer and the process, I think, is vital to keep the ball rolling, and it's something we feel is important to keep this going."
The Indiana Economic Development Corp. has approved a tax credit of up to the lesser of $50 million or 25 percent of the total investment. WPTA reports a request for $60 million in federal tax credits remains pending.
"By adding new space, new programs that are additive to the market in Fort Wayne and Northeast Indiana, we think that will help grow the local and regional economy, create jobs and expand economic impact," said Jeff Kingsbury, developer of Electric Works.
On Tuesday, Indiana Tech in Fort Wayne signed a letter of intent to lease 10,000 square feet of space at Electric Works.
View video from our partners at WPTA-TV: