FORT WAYNE, Ind. (WOWO) – The City of Fort Wayne pledged $62 million in public funding to the Electric Works Project Wednesday.
However, Electric Works and the City must comply to certain procedures and conditions.
- The City must review and approve the environmental conditions found on the site.
- The City must review and approve the remediation plan for any environmental conditions found on the site.
- The Developer must provide evidence that the Project can be constructed at the anticipated cost.
- The City must review and approve commitments to lease a minimum of 250,000 square feet within the Project.
- The City must review and approve the strategic marketing analysis prepared by the Developer’s consultant, RCLCO, Inc.
- The Developer must demonstrate that the economic impact predicted for the Project will occur within a time frame acceptable to the City.
- The Developer must provide a strategic parking plan showing that there will be sufficient parking for the Project.
- The Developer shall have obtained all approvals for construction.
- The City shall have approved the final construction plans.
- The City shall be prepared to close on the financing necessary for the public investment in the Project.
- The City and the Developer will have executed all other necessary closing documents to consummate the financing of the project.
If either party is unable to obtain the necessary authorizations, commitments or approvals before August 31, 2018, the agreement may be terminated.
The public funding is expected to be distributed to the Developer through a neighborhood development corporation created for this purpose.
This news comes shortly after the Fort Wayne City Council approved a rezoning petition, clearing the way for future developments.
Josh Parker of RTM Ventures later issued the following statement:
“We’re thankful to the Mayor, City Council and county leaders for their support, leadership and considerable efforts that went into this draft agreement. Combined with the $3M already committed by the CIB and County Commissioners, the $62M represented in this draft will complete the full local investment of $65M, an important and notable milestone in this process.
At the same time, it’s important to remember that this a draft agreement, not a final agreement. We look forward to the next step in this process: working closely and collaboratively with the city and county towards a negotiated, final development agreement that ensures a smart and sound local investment in Electric Works and helps bring high-quality jobs and significant economic impact to our city, county and region.”