FORT WAYNE, Ind. (WOWO) – Fort Wayne Mayor Tom Henry announced Thursday the City of Fort Wayne and RTM Ventures have come to terms on the economic development agreement for the Electric Works Project.

The economic development agreement will now be presented to those responsible for approving elements of the project.

Local governing bodies responsible for considering and approving funding set forth in the agreement include:

• City of Fort Wayne Common Council (“Common Council”)
• Fort Wayne-Allen County Capital Improvement Board of Managers (“CIB”)
• Allen County Board of Commissioners (“County Commissioners”)
• Allen County Council (“County Council”)
• City of Fort Wayne Redevelopment Commission (“Redevelopment Commission”)
• City of Fort Wayne Redevelopment Authority (“Redevelopment Authority”)

The Fort Wayne Redevelopment Commission will be the first to consider the development agreement. If approved, the Redevelopment Commission will oversee implementation of the agreement and work with the other governing bodies for approval.

While no official timetable for the project has been established yet, both the City and RTM Ventures plan to seek approval from all organizations as soon as possible.

Highlights of the economic development agreement include:

• The City agrees to pursue the authorization of $62 million ($3 million has already been approved) in local public funding to the Electric Works Project, however, to certain procedures and conditions.
• In consideration of the local public funding to the Electric Works Project, the Developer agrees to develop, finance, construct and operate the Electric Works Project as described within the Economic Development Agreement.
• City agrees to pursue the authorizations and approvals necessary for the City to provide the public funding on or before October 31, 2018, subject to an extension to November 30, 2018, if more time is needed.
• Developer agrees to provide the commitments and approvals necessary for the Developer to develop, finance and construct the Project within 60 days of the City’s receipt of authorizations and approvals, but no later than December 31, 2018.
• City and Developer have agreed on a set of conditions to closing that must be satisfied by December 31, 2018, and an additional set of conditions to closing that must be satisfied by June 30, 2019.
• Upon satisfaction of all conditions to closing, City and Developer have agreed that the closing of all financing for the Project, including all public and private loans and investments, shall occur simultaneously.

“I’m encouraged by the progress we’re making with Electric Works as we work together to continue the positive momentum and investments we’re experiencing in Fort Wayne,” said Mayor Tom Henry in a press release. “This is an important next step in the process, and I want to see the project become a reality and succeed.”