CIB struggles with proposed change to Electric Works loan

(Photo supplied/Greater Fort Wayne Inc.)

FORT WAYNE, Ind. (WOWO): The Allen County-Fort Wayne Capital Improvement Board is questioning the developers of Fort Wayne’s Electric Works project over a request to change what they do with a CIB loan.

The board awarded a $2-million interest-free loan to the developers of the mixed-use campus at the former General Electric factory back in December, specifically earmarked for cleanup costs. But the Journal Gazette reports now RTM Ventures instead wants to use $1.5-million of that for “soft costs” like paying for consultants, or engineering studies.

RELATED: Electric Works developers seek cleanup help

The board’s members seemed opposed to the idea, but sent the request back for more details, and also started work to find local experts to do an independent analysis of the project, from a financial and planning perspective.

1 COMMENT

  1. I do not know how all this works but it seems to me consulting and engineering studies would have been done prior to the developers being chosen. Seems like this will turn into a money pit for the City of Fort Wayne.

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