FORT WAYNE, Ind. (WFFT) — The Fort Wayne Redevelopment Commission voted Monday to end the economic development agreement it had in place with Electric Works developers.
"We've left the door open for them to come back to us, but we were past the deadline. We extended the deadline five times, and it was important for us to follow the information in the contract and canceling within five days and that's what we did," Redevelopment Commission President Christopher Guerrin said.
The agreement would've provided Electric Works with $65 million in funding from the commission.
The city said RTM Ventures did not meet the Friday deadline.
RTM Ventures said they had all the money they needed, but they were delayed by the banks and the COVID-19 pandemic.
"I don't know what we are going to do. We've had our foot on the gas ever since February to drive this thing to closing. We're on the final stretch. Now there's a $62 million gap because they pulled the local funding from us," Kevin Biggs with RTM Ventures said.
RTM says they didn’t really have any say before the vote, and neither did Councilman Geoff Paddock.
They say the commission voted on what they say are incorrect numbers.
It is unclear where additional funding will come from now that the redevelopment commission ended their agreement.