Electric Works Secures Final Public Funding Piece
(Rendering courtesy of RTM Ventures.)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Capital Improvement Board of Directors in Allen County has unanimously approved $45 million in funding for Electric Works, the massive redevelopment of Fort Wayne’s former General Electric campus. The funding is the largest public piece of a $62 million package pledged to RTM Ventures, the joint venture leading the project. Partner Josh Parker said the approval clears the way for construction preparations.
"In addition to securing local investment, today’s vote is important for another reason: it strengthens our ability as a development team to meet the thresholds and benchmarks necessary to begin construction. By confirming local support for the project, the CIB – along with Mayor Henry, City Council and County Commissioners – clearly communicates to businesses, institutions, and investors that Fort Wayne is primed and ready for this project," Parker added. "Combined with the announcement of Parkview Health as a significant tenant, we are excited about building upon the incredible public momentum behind Electric Works by beginning environmental clean-up and preparing for the start of construction in 2019."
The CIB approval follows the city clearing some $17 million of its own funds for the 39-acre project in the form of Legacy funding, local income tax funding and tax deductions. Late last year, the Indiana Economic Development Corp. approved conditional incentives for Electric Works.
The development team includes Baltimore-based Cross Street Partners, Indianapolis-based Greenstreet Ltd. and Decatur-based Biggs Development. In August, the city and RTM Ventures approved a development agreement that set the framework for the development, financing, construction and operation. Potential investment in Electric Works, developers expect, could reach $440 million.