CIB approves $45-million for Electric Works

(Photo supplied/Greater Fort Wayne Inc.)

FORT WAYNE, Ind. (WOWO): The final big roadblock for local funding for the Electric Works project has been cleared.

The Allen County Capital Improvement Board voted unanimously today to issue $45-million in bonds for the project, topping off the $65-million in local funding developers RTM Ventures said they needed in order to make Phase 1 of the project at the former General Electric campus in downtown Fort Wayne a reality.

The mixed-use development will include retail, residential, hotel and educational spaces. Read more on Electric Works here.

The Journal Gazette reports the CIB’s bond-selling process will most likely stretch into spring, with annual debt payments coming from the County’s 1% food and beverage tax.

RTM Ventures’ Josh Parker issued the following statement:

“Securing local investment in Electric Works is an important step and milestone for this project and the community. We are grateful to the members of the CIB for recognizing the transformational, catalytic potential Electric Works presents for our economy and future.”

“In addition to securing local investment, today’s vote is important for another reason: it strengthens our ability as a development team to meet the thresholds and benchmarks necessary to begin construction. By confirming local support for the project, the CIB – along with Mayor Henry, City Council and County Commissioners – clearly communicates to businesses, institutions, and investors that Fort Wayne is primed and ready for this project.”

“Combined with the announcement of Parkview Health as a significant tenant, we are excited about building upon the incredible public momentum behind Electric Works by beginning environmental clean-up and preparing for the start of construction in 2019. We will continue to work closely with the Mayor and his administration to complete the terms and conditions of the Economic Development Agreement to make the community’s vision for the former GE campus a reality.”   

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