FORT WAYNE, Ind. (WANE) – Fort Wayne 5th District City Councilman Geoff Paddock and supporters of the Electric Works project held a virtual town hall meeting tonight. The meeting was to provide an update to the public. One month ago, the Fort Wayne Redevelopment Commission canceled $62 million in public funds just as developers said they had the money to close.
RTM Ventures say they have not lost any of the leases or lenders since the city ended the deal. Instead they stressed the project is now even more urgent to keep anchor tenant Do it Best headquartered in Allen County.
“There’s a lot of value that’s been assembled, particularly on the tax credit side, that is important to keep in place,” says Jeff Kingsbury, partner of RTM Ventures.
“That tax credit equity, which is coming from people around the country that are investing in those tax credits and believing in the vision of Electric Works, and believing in Fort Wayne, that we can get that capital deployed into this community,”
Developers say they have 150,000 square feet of lease prospects in the pipeline and even more companies typically sign on a year before opening.
The next likely step is Tuesday as city council is expected to hear more from city officials involved in the deal.