FORT WAYNE, Ind. (WOWO): Worldwide hardware wholesaler Do it Best Corp. is moving its headquarters from New Haven to the Electric Works project in downtown Fort Wayne.
City officials, alongside Governor Eric Holcomb and developers RTM Ventures, made the announcement this afternoon at the site of the project, the former General Electric campus.
“Do it Best’s expansion in Allen County will create more quality careers for Hoosiers,” said Gov. Holcomb. “Indiana’s top-rated business environment and investments in attracting and retaining a talented workforce are among the many reasons our state’s communities are ideal locations for companies to locate and expand. We’re excited for Do it Best’s continued growth in northeast Indiana.”
Do it Best will lease around 200,000 square feet of space at Electric Works, surpassing a goal the developers needed to meet in order to make the project, which will combine housing, retail, and community and education spaces, a reality. The company says it’ll also create 90 new jobs and the new headquarters will be up and running in two years.
“Being at Electric Works will enhance our position as an employer of first choice, retaining and attracting multi-generational talent not only from here in Fort Wayne, but also on a broader scale,” said Dan Starr, Do it Best Corp. president and CEO. “The vision of Electric Works enables us to keep our roots in the community we’ve called home for 75 years, while at the same time positioning us for a bright future. It also places Do it Best Corp. with other progressive and innovative companies and in close proximity to a number of educational institutions. And, by playing a central role in one of the largest commercial renovation projects taking place anywhere in the country, it aligns well with our core business and with our desire to help make the communities we’re in better places to live, work and play.”
Today’s announcement was revealed early by reports that the company had told employees of the impending move. The agreement is dependent upon RTM receiving approval to shift financing and closing deadlines to April 30th and June 30th, respectively. So far they have received approval from two of the three necessary governmental bodies.
The Indiana Economic Development Corporation offered Do it Best Corp. up to $1.6 million in conditional tax credits and up to $200,000 in training grants based on the company’s job creation plans. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.