FORT WAYNE, Ind. (WOWO) – The City of Fort Wayne’s Redevelopment Commission has voted to end the economic development agreement with RTM Ventures, developers of Electric Works.
Per the agreement, RTM Ventures was responsible for obtaining private funding for the Electric Works project.
During the Redevelopment Commission meeting on Monday, it was pointed out that RTM Ventures was $30-million short in construction loans and $21-million short in private funding for the project. A representative with RTM Ventures argued against it, saying the actual gap was closer to $8-million, according to the Journal Gazette and our partners in news at ABC 21.
One member of the commission said the project was too large and complex.
The commission said another agreement can be drafted up and other developers could bring in offers for the project.
The vote was unanimous. This means the project loses $62-million in public funding, and also nullifies the project’s agreements with the Allen County Commissioners and Allen County-Fort Wayne Capital Improvement Board.
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I must admit…I super skeptical knowing this project comes with a hefty price tag, but after walking thru the campus and seeing these old buildings (are massive and built like tanks) and their potential, I started looking forward to seeing this campus renovated.
Once the initial pain of renovating is complete and the tenant space is filled, this campus will be amazing both inside and out. Plus this isn’t like a Riverfront that will only be used during warm months; with the Bars, Restaurants and businesses, this campus will be generating money year-round. Also, can’t imagine how this would impact all of the surrounding neighborhoods.
I wish a deal could be reached