FORT WAYNE, Ind. (Fort Wayne's NBC) - On Wednesday, developers behind the Electric Works project received a key endorsement in their effort to extend the project's timeline.
Mayor Tom Henry said he supports a vote by the Fort Wayne Redevelopment Commission to give RTM Ventures a fifth target date to finalize private financing and to secure tenants.
The new milestone dates are June 30, 2020, for financing commitments to be met and September 30, 2020, for the closing on the transaction.
“Allowing additional time for financing and closing commitments puts RTM Ventures in better position to move forward to take the proposed development to the next step,” Henry said in a statement. “We believe Electric Works can have a major impact in enhancing our community as a point of destination for jobs, attracting new residents, and providing unique quality of life opportunities.”
Two members of the City Council recently came out against another extension, arguing that COVID-19-related economic challenges were not enough reason to grant it. Jason Arp and Paul Ensley were joined in that position by Nathan Hartman, president of the Allen County Economic Development Commission.
At stake are tens of millions of public dollars that would partially finance the conversion of the former General Electric campus into a multi-purpose commercial, retail, research and entertainment property.