FORT WAYNE, Ind. (WOWO): Officials with RTM Ventures announced Wednesday in a statement that the Electric Works project now has secured commitments for more than 250,000 square feet of space.
The space benchmark to meet a deadline in order to receive $62 million in public funding from the City of Fort Wayne has been moved multiple times due to a delay in approval for for tax incentives. The Capital Improvement Board already announced $3 million in funding for the project.
Officials with RTM Ventures earlier said the partial government shutdown in late 2018 into early 2019 slowed the approval process for $45 million in tax incentives and grants. The original deadline for securing that amount of pre-leasing was Dec. 31 of 2018 before it was moved to July 1, again to Nov. 1 and later to Nov. 30.
“Indeed, all the tenants we have signed to date are new to Allen County, expanding within Allen County, or relocating within Allen County and creating new jobs,” said Jeff Kingsbury of RTM Ventures. “These early results are consistent with extensive third-party research showing that a mixed-use, walkable innovation district model can help grow the market in Northeast Indiana.”
“We recognize that successful public-private partnerships can be complex and take time,” Fort Wayne Mayor Tom Henry added in a statement. “We also know they’re critical to advancing our community and region as a point of destination for job and business growth, strong neighborhoods, and attractive quality of life amenities.”