FORT WAYNE, Ind. (WFFT) - Councilman Russ Jehl wants to make sure several deal points are addressed in negotiations with the developer for Electric Works.
Developers are asking for $65 million dollars in local government funding, but Mayor Tom Henry has said he's comfortable with only $50 million.
The County and Capital Improvement Board has pledged a total of $3 million.
Jehl said the terms should include:
- Any savings below the initial development estimate should be returned to the City Taxpayer.
- The Developer's Fee should be escrowed so the Developer's money is exposed along with the Taxpayer's.
- The creation of an advisory panel of local developers and real estate experts to obtain further insight to the deal terms.
- A complete list of infrastructure improvements and their costs associated with Electric Works.
Jehl wrote three letters to Mayor Henry in early April asking for guidance on these points, but has not received a response to any of the letters.