FORT WAYNE, Ind. (WANE) – Two months after the Fort Wayne Redevelopment Commission voted to terminate an economic development agreement with the Electric Works project, the same group approved a new agreement. It was done in a 3 to 2 vote.
The vote on the new agreement came just days after Mayor Tom Henry announced Cincinnati based Model Group was joining RTM Ventures in transforming the former General Electric campus. Ash Brokerage’s Tim Ash also revealed he would be a new investor in the project.
The new agreement pledges the same amount of public funds, $65 million, to the project and must go through another round of approval votes from public entities including Fort Wayne City Council and the Capital Improvement Board. A closing date of December 31 of this year has been set as a requirement in the new agreement.