FORT WAYNE, Ind. (WOWO): Mayor Tom Henry announced his support Friday for an extension to the economic development agreement for Electric Works.
A proposed extension for RTM Ventures, the developer, would be April 30, 2020 for financing and June 30, 2020 for closing. RTM Ventures says these new dates would allow for additional time to finalized private financing and secure tenants.
The extension request will be considered at the upcoming meetings of the Fort Wayne Redevelopment Commission, the Allen County Fort Wayne Capital Improvement Board of Managers and the Allen County Commissioners.
RTM Ventures requested an extension earlier this month after they reportedly secured an anchor tenant for the project that would require a change to the leasing agreements.
“I continue to be optimistic that we’re going to be able to make Electric Works a reality, said Mayor Henry. “The local public funding partners remain committed to working with RTM Ventures to see the project happen and succeed while being good stewards of taxpayer dollars. I’m also encouraged that a potential anchor tenant has been identified. Our community recognizes that large projects are complex and time consuming but are important to help ensure local and regional success.”
The project at the site of the General Electric campus has received $65 million in public funding that will be available once the economic development agreement terms are met.