FORT WAYNE - Developers of the $440 million Electric Works innovation district in Fort Wayne can now take the next step toward securing funding for the project. The Fort Wayne Redevelopment Commission has approved an economic development agreement between the city and RTM Ventures which will provide $62 million in public funding.

The agreement was first announced in late August. The Journal Gazette reports the commission's approval does not immediately release any funds to the project, but gives RTM Ventures 90 days to secure commitments from other public sources.

The developer is seeking $45 million from the Allen County-Fort Wayne Capital Improvement Board, $10 million from the Fort Wayne Legacy Fund, and 3.5 million from city and county income tax funds, according to the publication. The city says an additional $3 million has already been approved.

Fort Wayne Mayor Tom Henry said last month the various agencies must give their approvals before the project can finally move forward.

RTM Ventures hopes to begin the $221 million first phase of the project this year. The effort aims to transform the 39-acre former General Electric campus into a mixed-use site that will include office, retail, and residential space.