FORT WAYNE, Ind. (WOWO): The developers of Fort Wayne’s Electric Works project are looking for some guaranteed money.
The Journal Gazette reports that Josh Parker of RTM Ventures and partners Jeff Kingsbury and Kevan Biggs asked the Allen County Fort Wayne Capital Improvement Board to guarantee over $23-million toward the project if a deal with another lender falls through.
If the board agrees to that, and the deal breaks down, the CIB would become the sole owners of the former General Electric property that has been slated for a nearly $250-million mixed-use project.
Parker says the move is necessary because they’ve had an “unexpected yet enormous challenge” in attracting investors.
To recap, the CIB loan would ensure that a key lender would not lose their money if RTM Ventures can’t secure a full funding package… and in that case, the CIB would take ownership of the campus, appraised at worth more than $41-million, while Parker and his partners would be left with nothing.
The Capital Improvement Board’s next meeting is November 21st.