FORT WAYNE, Ind. (WOWO): A big hurdle in RTM Ventures’ efforts to secure local funding for the Electric Works development has been cleared.
The Fort Wayne City Council Tuesday night approved $10-million from the City’s Legacy Fund for the project. $3.5-million of local income taxes will also go to the project.
The mixed-use development, at the site of the city’s former General Electric campus, is expected to feature a medical clinic, restaurant, and education space in addition to residential and retail options, and needs a total of $65-million in local funding to move forward.
Councilman John Crawford had told our Partners in News at ABC 21 prior to the meeting that the Tuesday night vote was crucial, in that if it failed, the proposal would likely have died altogether.
The Journal Gazette reports the City still must approve 100,000 square feet of lease commitments by Dec. 31 and another 150,000 square feet by June 30th of next year, and 10% of that must come from tenants new to Allen County or for jobs that are new to the area.
Voting against the measure were Councilmen Jason Arp, Paul Ensley, and Russ Jehl.