The Electric Works Project has passed it’s final hurdle. The Capital Improvement Board voted unanimously to approve $45 Million Tuesday morning toward the project. Today’s funding agreement vote is the last in a series of six required approvals, which included city and county councils.
The plan for Electric Works is a mixed-use retail, industry, institution and residential area at the site of the former General Electric campus on the southwest side of downtown Fort Wayne. Electric Works is expected to bring an annual economic impact of $387 million to Fort Wayne. It is also anticipated to bring nearly 2,000 construction jobs and 1,500 permanent positions.
“Securing local investment in Electric Works is an important step and milestone for this project and the community. We are grateful to the members of the CIB for recognizing the transformational, catalytic potential Electric Works presents for our economy and future. In addition to securing local investment, today’s vote is important for another reason: it strengthens our ability as a development team to meet the thresholds and benchmarks necessary to begin construction. By confirming local support for the project, the CIB – along with Mayor Henry, City Council and County Commissioners – clearly communicates to businesses, institutions, and investors that Fort Wayne is primed and ready for this project. Combined with the announcement of Parkview Health as a significant tenant, we are excited about building upon the incredible public momentum behind Electric Works by beginning environmental clean-up and preparing for the start of construction in 2019. We will continue to work closely with the Mayor and his administration to complete the terms and conditions of the Economic Development Agreement to make the community’s vision for the former GE campus a reality.”
Josh Parker, RTM Ventures
All local and state funding is secure for the project. Construction is expected to begin in June of 2019.