Allen County Commissioners approved a $3.5 million funding pledge to Electric Works Friday, marking the second to last funding hurdle for the project.
Commissioners stated they believe the right safeguards are in place for the plan and are confident RTM Ventures, the developer, will use the money once the project has stabilized. The funding from the commissioners won’t be used until mid-2019.
Earlier this week, Fort Wayne City Council approved $10 million in Legacy funds and $3.5 million in other funds for Electric Works. That vote is only a portion of the funding agreement between developers and the mayor’s office.
The Capital Improvement Board will make the final funding approval on November 6.
Josh Parker with RTM Ventures released the following statement this afternoon:
We are grateful to the Allen County Commissioners for their commitment of $3.5 million in local income tax revenue toward Electric Works this morning. From the beginning, the Commissioners have been strong supporters of our vision for the redevelopment of the former GE campus into a mixed-use district of innovation, energy and culture. Their vote to support local funding for Electric Works is another critical step forward in making this vision a reality. In addition, they recognize – as we do – that investment in downtown Fort Wayne benefits all of Allen County and throughout the region. It’s also important to note that, with today’s vote, Mayor Henry, Fort Wayne City Council and Allen County Commissioners have all affirmed their support for local funding of Electric Works. It is now up to their appointees on the Capital Improvement Board to approve the final portion of local funding for this transformational project.”
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