Community Foundation invests $500,000 in Electric Works project
The Community Foundation of Greater Fort Wayne is putting $500,000 into the Electric Works project to rejuvenate the former General Electric campus along Broadway south of downtown Fort Wayne.
Foundation President and Chief Executive Officer R. Bradley Little said the money is offered as “an investment,” not a grant.
“It’s money we are expecting to see back with a return,” he said this afternoon in an interview with The Journal Gazette. “It’s an investment in the project. It’s not free money.”
Little said Kevan Biggs of developer RTM Ventures and others associated with the project approached the foundation early last year and returned in November with a $2 million request.
The foundation was not legally able to meet that figure, but the developer was willing to accept the investment amount as part of $10 million now being sought, Little said.