City Approves Electric Works Funding
The Fort Wayne City Council has approved more than $13 million in funding for the Electric Works mixed-use innovation district. The money, which will come from the city's Legacy Fund and local income tax revenues, is part of an economic development agreement to provide more than $62 million in local public funding for the project.
The council gave its final vote Tuesday evening to two resolutions providing $10 million from the Legacy Fund and $3.5 million from available local income tax revenues. Each resolution passed by a vote of 7-2.
Developer RTM Ventures reached the economic development agreement with the city in late August. The developer had previously said the local funding commitment was essential to the project moving forward. The Journal Gazette reports the funding includes $45 million from the Fort Wayne-Allen County Capital Improvement Board, as well as the $13.5 million from the city and an additional $3 million that has already been approved.
Inside INdiana Business has reached out to the CIB for an estimation on when a vote for its portion of the funding will take place.