FORT WAYNE, Ind. (WFFT) - The Electric Works development is worthy of recieving legacy funds.
The Legacy Joint Funding Committee approved advancing the application to re-develop the former General Electric campus along Broadway.
RTM Ventures is asking for more than $13 million in legacy funds, split between a grant and a loan.
Councilman Paul Ensley, who serves on the Legacy Joint Funding Committee, said the entire project should get a loan instead.
The city of Fort Wayne Community Development will work with RTM Ventures to sort out the details and come up possible proposals with the money split and with a 100 percent loan.
Ensley said he would like to see the loan to stretch the legacy fund as much as possible.
"We have had a lot of really great projects that have requested legacy money, they are all great projects. If we spend all the money, if we give it all away in grants we won't have anything left," Ensley said.
"Can we work with something else? It really depends on how the rest of the numbers in that capital stack works out with the other local funding," said developer Kevin Biggs.
The Legacy Joint Funding Committee will see the proposal again before sending it city council.
RTM Ventures will host a public question and answer forum about the project Tuesday at 5:30 p.m. inside the Grand Wayne Center.
- Electric Works worthy of legacy funds
- Electric Works Legacy Fund request moves to city council
- Electric Works funding clears major hurdle
- City Council approves Electric Works funding
- City leases utilities for Electric Works funding
- Funding extension granted to Electric Works developers
- Work continues on Electric Works
- Electric Works talks continue
- Electric Works tours scheduled
- Council members updated on Legacy Fund status