Draft: City Willing to Chip in More For Electric Works
FORT WAYNE - The city of Fort Wayne has released a draft development agreement that shows officials are on-board with seeking $62 million in public funds requested by the redevelopment group behind the proposed transformation of the abandoned General Electric campus. Paperwork released by the city details a series of conditions RTM Ventures LLC must meet in order to receive the incentives for the $440 million Electric Works project. Mayor Tom Henry's previous public statements involved offering $50 million in support from the city.
The full scope of the potential investment in the high-profile project could be up to $440 million. Developers have said in the past the project would not happen without the full amount requested.
Conditions laid out in the draft agreement include:
- The City must review and approve the environmental conditions found on the site.
- The City must review and approve the remediation plan for any environmental conditions found on the site.
- The Developer must provide evidence that the Project can be constructed at the anticipated cost.
- The City must review and approve commitments to lease a minimum of 250,000 square feet within the Project.
- The City must review and approve the strategic marketing analysis prepared by the Developer’s consultant, RCLCO, Inc.
- The Developer must demonstrate that the economic impact predicted for the Project will occur within a timeframe acceptable to the City.
- The Developer must provide a strategic parking plan showing that there will be sufficient parking for the Project.
- The Developer shall have obtained all approvals for construction.
- The City shall have approved the final construction plans.
- The City shall be prepared to close on the financing necessary for the public investment in the Project.
- The City and the Developer will have executed all other necessary closing documents to consummate the financing of the project.
The city says "open and positive communication and negotiations continue between local government leadership and the development team."
View the draft agreement: