Two weeks after writing a letter about how much headwind they were facing with finances, Electric Works developers announced Tuesday they will not need anymore public funding and they will close on the financial portion of the project by November.
Fort Wayne City Council committed $10 million to Electric Works from the Legacy Fund. Electric Works developers told City Council Tuesday night, they do not need anymore funding from the city and should have the finances closed by November. The next step is construction.
This all comes after developers announced there were significant problems with project funding.
“They seem to be optimistic tonight,” said City Councilman Paul Ensley after Tuesday night’s meeting. “They’re letter in the Journal Gazette two weeks ago was not so optimistic, but if they fill their other requirements for their other financing and abide by the agreements that they’ve entered into with the city, I don’t see any reason why they couldn’t do it.”
Councilman Russ Jehl said development of Electric Works is now up to the developers. He asked developers what more the city can do to help. They said the city has done all it can do.
“The public has done everything that it needs to do,” Jehl said. “It has come to the table. it has empowered these developers to be successful and it’s time for the developers to go out there and make it happen, and they’re optimistic that they are getting closer and closer to doing so.”
Developers said they will give another project update at the end of the summer.