FORT WAYNE, Ind. (WFFT)- It's been a topic of discussion for several months, but developers and city officials say they've finally come to an agreement on Electric Works.
The deadline has been pushed back several times, but Mayor Tom Henry said construction will start by June 30th, 2019.
"One of the reasons we had to extend the original deadline is because of new market tax credits. They won't be released until next March or April," Mayor Henry said.
The city agreed to pursue the $62 million still needed, money Mayor Henry said will come from multiple sources.
"It's broken down. Part of it comes from the city, as far as income tax, part of it comes from the county income tax, part of it comes from the Legacy, part of it comes from bonds issued by the redevelopment commission and approved by the CIB as well, and part of it comes from the federal government," he said.
Residents have expressed both frustration and support for the project. Councilman Geoff Paddock said a majority of the city is still behind it.
"We're going to be investing $220 million of new development that will create jobs and a lot of economic activity to an area of the city that really needs some help," Paddock said.
Developer, Josh Parker, said it's been a long road, but he's grateful to the Mayor for his leadership.
"When it's all conceptual, it's all a good idea, but it's hard to sign on the dotted line. Now that we know the financing pieces are on place, and we have a real timeline to get to a closing, we can start nailing down those commitments," Parker said.
Councilman John Crawford also showed his support by issuing the following statement:
“I am pleased to see that the city administration, after months of indecision, has finally stepped up to take action on the Electric Works project. I believe the former General Electric campus has huge economic potential for downtown Fort Wayne and will be a game-changer for our entire region.
“It is gratifying to see the mayor take action to move this important initiative forward. This is a positive step in the right direction.”
The Fort Wayne Redevelopment Committee will discuss the agreement at their next meeting September 10th.
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- Funding extension granted to Electric Works developers
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- Developers: Electric Works innovation district could be in jeopardy
- Electric Works developers asking CIB to cosign loan on project
- Electric Works redevelopment agreement moves forward
- Fort Wayne public funding group denies $23 million loan request from Electric Works developers
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