Electric Works receives extension for financing and closing

(Photo Supplied/Greater Fort Wayne Inc.)

FORT WAYNE, Ind. (WOWO): The City of Fort Wayne approved a fifth and final extension for the Electric Works’ developers to meet financing and closing deadlines.

The new deadlines are July 30, 2020 for financing and Oct. 30, 2020 for closing. This move comes after developer RTM Ventures announced earlier this week they secured a $62 million private loan from Midland States Bank for financing.

RELATED: Electric Works meets private funding goal

The city says the extensions are due to RTM Ventures needing more time to finalize private financing, secure tenants and meet other requirements of the city’s economic development agreement.

“The new extension is a good faith effort to give RTM Ventures an additional month to meet the requirements needed the complete this kind of project,” said Mayor Henry. “It’s critical to give our funding partners and taxpayers comfort that local dollars are being used wisely and are protected.”

The letter the city has sent to RTM Ventures can be viewed here.

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