New agreement reached to move Electric Works forward

In August, the Redevelopment Commission terminated the economic development agreement, which would have given the Electric Works $62 million dollars for developing the GE campus. Now, the two sides have a new EDA in place to get the project started.

Posted: Oct 12, 2020 9:29 PM
Updated: Oct 13, 2020 8:43 AM

FORT WAYNE, Ind. (WFFT) - After the original economic redevelopment agreement for Electric Works was canceled in August, the redevelopment commission and project developers have come to terms for a new EDA.

Kevan Biggs, one of the partners for RTM Ventures, who is now one of the co-developers of the project, says they’ve worked hard the past two months to make sure the city was on their side, calling tonight's 3-2 approval of the new EDA an "exciting day."

Biggs says looking back, he believes communication was partly to blame for the canceling of the first EDA.

"I think there was just some lack of communication about the validity of some of that documentation," Biggs explained. "We went back and worked very hard to make sure that it was all substantiated."

Now with groups like The Model Group on board, Biggs says that’s part of what’s now pushing the project to the starting point.

"I believe also collaborating here with another great development entity that’s done work here at The Landing, The Model Group, has also been instrumental in helping to move this forward," Biggs said.

Some members of the commission are still skeptical of the lack of details within the documents, but the $62 million that’s once again committed to the project is still safe if funders back out between now and closing.

Nancy Townsend, the director of community development says, "All of the money is in or none of the money is in."

Townsend explained that between now and then, many details still need to be worked out, but the redevelopment commission is currently reviewing construction plans and the project developers still have to reaffirm that all the money will be there at closing.

They reiterated multiple times in the meeting this afternoon that despite having canceled the first EDA, they've been on board with the project the entire time.

"We have never waivered front supporting the of this project," Townsend said. "We have 100% of our effort and commitment will go towards getting the projected closed by the end of the year."

The closing date for the project is set for Dec. 31 with groundbreaking taking place in January 2021.

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