Commission to vote on extension for Electric Works development agreement

Local News

FORT WAYNE, Ind. (WANE) — The Redevelopment Commission is expected to vote on extending the economic development agreement for the multi-use Electric Works project this week.

The Redevelopment Commission is set to vote at 4 p.m. Monday, Feb. 8, at Citizens Square. In a tweet, officials with the project asked the public to attend and show their support.

The development team at Electric Works is set to announce the newest company to anchor the project on Thursday, Feb. 13, at 2:30 p.m. The announcement at Electric Works is expected to draw state, regional, and local leaders.

Weather permitting, the event will take place in Building 26 on the West Campus. Further details on parking and building access will be shared as soon as they are finalized.

In late January, Fort Wayne Mayor Tom Henry came out in favor of granting an extension to the economic development agreement for the Electric Works project that would occupy much of the former General Electric campus located just south of downtown.

Jeff Kingsbury, one of developer RTM’s partners, announced earlier in January that the group has found an anchor tenant, however, they will need deadline extensions to finalize details with the company and other tenants.

The deadline to secure funding and leasing commitments to keep the deal afloat had been set for February 1 with a closing deadline of April 30 of this year.

Kingsbury told WANE 15 RTM would want the deadline for funding and leasing to be pushed back by 90 days to April 30, and the closing date by 60 days to June 30.

In the news release announcing Mayor Henry’s support for the extension, those proposed dates were also mentioned.

“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.”

RTM Ventures issued the following statement following news of Mayor Henry’s support:

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.

Electric Works developer RTM Ventures

The securing of an anchor tenant is vital to the future of the project because it will allow RTM to claim $65 million in public funds from the city of Fort Wayne, which would be made back in tax revenue in 12 years.

Among other companies or groups calling dibs on space in Electric Works: ParkviewJoseph DecuisThree Rivers Music TheatreSpherion StaffingRush Rock GymFort Wayne MetalsFort Wayne Community Schools and Indiana Tech.

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