FORT WAYNE, Ind. (WOWO): The developers behind Fort Wayne’s Electric Works project aren’t done yet.
Although the City’s Redevelopment Commission pulled out of a public funding deal with RTM Ventures last week, citing concerns over the project’s size and ability to get enough private funding in time for an October 30th closing date, RTM’s Kevan Biggs says they have plenty of support from some big local banks:
“Our final, fifth syndicate bank has just approved underwriting,” Biggs says. “We have five local banks, here in Fort Wayne, all agreeing that this project is financeable, credit-worthy, and ready to go to closing.”
Biggs adds that there is still an opening for the team behind the massive mixed-use project at the former General Electric plant in downtown Fort Wayne to get public funding once again:
“They’ve left the door open for us to go back, and we’re crossing all of the ‘t’s and dotting all of the ‘i’s to show that we are ready to go to closing.”
Mayor Tom Henry told WOWO News in an interview on Fort Wayne’s Morning News that there were concerns about the project – anchored by the headquarters of Do It Best Inc. – would go bankrupt, something that RTM’s Josh Parker disputed. The City Council has asked for more transparency into what led to what to many was a sudden decision.
Biggs is a guest on this weekend’s episode of Small Business Solutions with Attorney Kyle Gough. Listen to the full interview live Saturday morning at 10am or on-demand afterward at WOWO.com.