FORT WAYNE, Ind. (WANE) – Mayor Tom Henry’s office announced that a fifth and final extension has been approved for the Electric Works project.
Developers for the project, the Fort Wayne Redevelopment Commission and RTM Ventures, have had an economic development agreement in place since September of 2018 that gives specific requirements that must be met for the project to move forward. June 30, 2020 was the most recent milestone date where financial requirements would need to be met. September 30, 2020 was the agreed upon date for closing on the transaction.
Due to more work needing to be done by the development team, a fifth extension of 30 days has been approved to help keep the project moving forward. The City of Fort Wayne said that this would be the final extension that will be granted to the developers.
“The new extension is a good faith effort to give RTM Ventures an additional month to meet the requirements needed the complete this kind of project,” Mayor Henry said. “It’s critical to give our funding partners and taxpayers comfort that local dollars are being used wisely and are protected.”
The new milestone dates after the extension was granted are July 30, 2020 for financial commitments to be met and October 30, 2020 for closing on the transaction.
The City of Fort Wayne, Allen County, and the Allen County Fort Wayne Capital Improvement Board of Managers worked together to secure $65 million worth of public funding for the project. The funding is currently in place and will be released when all conditions of the economic development agreement are met and when closing on the project occurs.