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.