FORT WAYNE, Ind. (WOWO): Josh Parker with RTM Ventures told WOWO News this morning that much of what was put out as the Fort Wayne Redevelopment Commission’s reason for canceling the agreement over Electric Works was false.
Parker said that $272-million of the $280-million package was funded per the agreement, with another $8-million commitment from a local bank that would have been fully documented within a week, completing the package.
Mayor Tom Henry expressed concern that investing over $60-million in taxpayer money into a project that “could go bankrupt” during its operation was a concern for his office and the Redevelopment Commission.
Parker directly disputed that, noting that the project was over 60 percent leased by what he called platinum tenants, including Do-It-Best, Parkview Health and Fort Wayne Community Schools. Parker dismissed the risk that the anchor tenants would not have paid rent, resulting in any insolvency of Electric Works.