Request denied for more public money for Electric Works

(Photo Supplied/Greater Fort Wayne Inc.)

FORT WAYNE, Ind. (WOWO): The City of Fort Wayne, Fort Wayne Redevelopment Commission, Allen County Fort Wayne Capital Improvement Board of Managers and the Allen County Commissioners will not send additional public money for Electric Works.

RELATED: Electric Works partners seek $23-million guarantee

A letter was sent Monday denying a request for an additional $23 million in local funding that RTM Ventures had asked for just last week. They cited a challenge in attracting investors for the funding request.

City officials say the ask for more funding would represent a change to the current economic development agreement, which would require changes and approvals and a risk to public funding sources. Also, the Capital Improvement Board of Managers cannot enter the agreement due to statutory operating limitations.

Already, $65 million in public money has been secured for the project on the site of the former GE campus. That money will be available to RTM Ventures once all the conditions of the economic development agreement are met and closing happens.

The local funding partners say in a statement that they are committed to the current economic development agreement and want to continue to work with RTM Ventures to see the project happen while also being responsible with taxpayer dollars.

You can read the letter to RTM Ventures here.

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