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Electric Works project seeks 2020 extension to secure financing and tenants

Mayor Tom Henry expressed his support for an extension to the economic development agreement for the Electric Works project on Thursday.

Posted: Oct 3, 2019 3:51 PM
Updated: Oct 4, 2019 10:21 AM

FORT WAYNE, Ind. (WFFT) — Mayor Tom Henry expressed his support for an extension to the economic development agreement for the Electric Works project on Thursday.

“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,” said Mayor Henry. “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.”

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RTM Ventures has made a formal request to have the agreement extended to allow for additional time to finalize private financing and secure tenants.

The proposed new milestone dates would be February 1, 2020 for financing commitments to be met and April 30, 2020 for the closing on the transaction.

The Fort Wayne Redevelopment Commission will consider the request at its next meeting at 4 p.m. Monday, Oct. 7 at Citizens Square in Room 030.

“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,” said John Urbahns, president and CEO, Greater Fort Wayne Inc.

The City says the Allen County Fort Wayne Capital Improvement Board of Managers and Allen County Commissioners will also need to approve the extension request.

The local public financing entities have worked collaboratively to secure the necessary public funding of $65 million for the project.

That funding is in place and will be released when all conditions of the economic development agreement are met and closing occurs.

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