City releases draft agreement for Electric Works project
Fort Wayne city officials will pursue the full $62 million in public funding requested by the developers of the Electric Works project south of downtown, but only if the development meets a list of specific conditions, according to a draft development agreement released by the city Wednesday.
The draft agreement released Wednesday shows that the city will seek approval for 50 million Mayor Tom Henry suggested at a news conference earlier this year. Although the document does not outline specifically where the funds will come from, it does mention city Redevelopment Authority Lease Revenue Bonds as a possible source. It’s likely a $13.6 million Legacy Fund request will also be part of the public funding package.
“We’re thankful to the mayor, city council and county leaders for their support, leadership and considerable efforts that went into this draft agreement. Combined with the 62 million represented in this draft will complete the full local investment of $65 million, an important and notable milestone in this process,” Josh Parker, a partner in RTM Ventures, the firm developing the former General Electric Campus, said in a statement.
“At the same time, it’s important to remember that this is a draft agreement, not a final agreement. We look forward to the next step in this process: working closely and collaboratively with the city and county towards a negotiated, final development agreement that ensures a smart and sound local investment in Electric Works and helps bring high-quality jobs and significant economic impact to our city, county and region.”
For the funding to go through, RTM Ventures must meet a set of specific conditions, including city review of environmental conditions on site. The developers must also prove that they can build the project within the $221 million original cost estimate.
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For the Electric Works Economic Development draft summary, click here.
For the full 30-page draft of the Electric Works Economic Development, click here.