FORT WAYNE, Ind. (WFFT) — Mayor Tom Henry announced his support for an additional extension to the economic development agreement for the Electric Works project Friday.
Henry said RTM Ventures has made a formal request to have the agreement extended to allow for additional time to finalize private financing and secure tenants.
SIGN UP FOR BREAKING NEWS ALERTS
Statement from Electric Works developer RTM Ventures regarding Mayor Henry’s public release in support of their request for a deadline extension:
“We appreciate Mayor Henry’s public statement today in support of adjusting the timeline for the financial closing, and we agree with the Mayor that large projects like this are complex and take time. As we move toward a construction start this summer, we will be working side by side with our investors, Mayor Henry and his staff, the Fort Wayne Redevelopment Commission, the Allen County Fort Wayne Capital Improvement Board, the Allen County Commissioners and the Indiana Economic Development Corporation to deliver the community’s vision for Electric Works.”
This is the second extension that was approved by Allen County Commissioners.
The proposed new milestone dates would be April 30 for financing commitments to be met and June 30 for the closing on the transaction.
Local public financing partners will consider the request at upcoming meetings of the Fort Wayne Redevelopment Commission, the Allen County Fort Wayne Capital Improvement Board of Managers and Allen County Commissioners.
MORE COVERAGE: ELECTRIC WORKS
“I continue to be optimistic that we’re going to be able to make Electric Works a reality. The local public funding partners remain committed to working with RTM Ventures to see the project happen and succeed while being good stewards of taxpayer dollars,” said Mayor Henry. “I’m also encouraged that a potential anchor tenant has been identified. Our community recognizes that large projects are complex and time-consuming but are important to help ensure local and regional success.”
The local public financing entities worked collaboratively to secure the necessary public funding of $65 million for the project.
The city says that funding is in place and will be released when all conditions of the economic development agreement are met and closing occurs.
Today, I announced my support for an additional extension to the economic development agreement for the @ElectricWorksBD project. This would allow RTM Ventures more time to finalize private financing and secure tenants. pic.twitter.com/gSHlQTWO9x
— Mayor Tom Henry (@MayorTomHenry) January 31, 2020