Council Gives Preliminary OK For Key Electric Works Funds
FORT WAYNE - The high-profile Electric Works project is moving forward following three key votes by the Fort Wayne City Council. Proposals involving $10 million in Legacy funding, $3.5 million in local income tax funding and $3.5 million in tax deductions for development partners RTM Ventures received preliminary approval Tuesday.
The city previously announced it planned to allocate a total of $62 million toward the project that is expected to involve $440 million. The bulk of the city's funding pledged toward the redevelopment of the old General Electric campus -- $45 million -- will come from Capital Improvement Board funds.
In a statement posted on Facebook, Mayor Tom Henry said:
The Journal Gazette reports the resolutions will face a vote by the full council next week.