FORT WAYNE, Ind. (WOWO) – Mayor Tom Henry has expressed his support for an extension to the economic development agreement for the Electric Works project.
A formal request to have the agreement extended has been put in by RTM Ventures. They have requested the extension to allow for additional time to secure tenants and finalize private financing. The new proposed day is February 1, 2020 for financing commitments and April 30, 2020 for closing on the transaction.
The request will be considered by the Fort Wayne Redevelopment Commission at its next meeting at 4 p.m. on Monday, October 7. The Allen County Fort Wayne Capital Improvement Board of Managers and the Allen County Commissioners will need to approve the extension request as well.
Mayor Tom Henry said “Successful public-private partnerships can be complex and take time. 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. I want to see Electric Works happen and succeed and positive progress is being made. The public financing bodies involved in this project are committed and engaged partners with the Electric Works development team as the process continues to move forward.”
President and CEO of Greater Fort Wayne Inc. John Urbahns said “We’re excited to see progress continuing on Electric Works and we support the Mayor’s proposed extension to the economic development agreement. With a project of this magnitude and potential impact, adjustments to the project timeline are to be expected. We appreciate the leadership that the Mayor, County Commissioners, City Council and Capital Improvement Board have shown by providing the local incentive package to the project and are confident that the project team—including the developers, brokers, and all local funding partners—will be able to work together to make Electric Works a reality for this community.”
CEO and President of the Northeast Indiana Regional Partnership John Sampson said “The success of Electric Works will be transformational for our region. The City of Fort Wayne and communities all across Northeast Indiana are experiencing incredible momentum, and with the continued progress of the project, that momentum will continue to grow. The sheer size and complexity of this project have required sustained leadership, collaboration and flexibility by Mayor Henry, the City of Fort Wayne, RTM Ventures and numerous local partners to assure the long-term success of the project.”
A collaborative effort has been put forth by local public financing entities to secure the necessary public funding of $65 million for the project. That funding is in place and will be released once all of the conditions of the economic development agreement have been met and the closing occurs.