Local equity firm trying to move Electric Works forward

(Photo Supplied/Greater Fort Wayne Inc.)

FORT WAYNE, Ind. (WOWO): A private equity firm in Fort Wayne wants to save the Electric Works project.

The Journal Gazette reports that Ambassador Enterprises has reached out to Mayor Tom Henry to say they want to help work with the city and other partners to develop a plan to keep the project moving forward.

The plan includes having the Allen County Fort Wayne Capital Improvement Board foot the bill for $62-million in public funding that was taken away from the project after the city’s Redevelopment Commission decided to pull out last month, despite developer RTM Ventures saying they had all the necessary financing deals in place.

Ambassador’s proposal is for RTM to lease the property to the Board to get the needed money without the CIB having to issue a bond.

Ambassador also wants to see more local private investment in the project.

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