AP NEWS

Electric Works developer wins extension on agreement with city

April 9, 2019

The Fort Wayne Redevelopment Commission today approved an amendment to the city’s economic development agreement with RTM Ventures, the firm developing the Electric Works site just south of downtown.

Last year’s government shutdown was the reason for the amendment, which extends key deadlines well into the year. The developer must now have its financing commitments solidified by July 1 and the final fund closing conditions met by Sept. 1. Those deadlines were previously Dec. 31, 2018, and June 30, 2019, respectively.

The city and RTM Ventures signed the economic development agreement in August. The city’s investment is about 248 million total cost for the project’s phase I.

“We identified the need, the justification to extend the deadlines accordingly,” Redevelopment Director Nancy Townsend said.

City Councilman Jason Arp was the only Redevelopment Commission member to vote against the deadline extensions.

In a new addition to the agreement, the fund closing date, or the date when all the financing, tax credits and public investment must come together, is now Nov. 30. There is also a new requirement that the developer provide monthly written updates to city staff.

 

dgong@jg.net