FORT WAYNE, Ind. (Fort Wayne’s NBC) — The City's Redevelopment Commission voted today to terminate the economic development agreement with the developers of Electric Works.
The future of the redevelopment of the old General Electric campus remains unclear.
A presentation Monday evening pointed out large gaps in private funding that RTM Ventures was on the hook for.
A leader with RTM Ventures argued against the characterization of a shortfall in funding for the project and had been working to secure cash up to the deadline.
One commission member argued the project was too large and too complex.
The vote was unanimous.
Now, another agreement could be drafted up, and the commission said the city will remain open to the developers bringing other options to the table.
Originally slated to cost $225 million, the redevelopment was projected to cost more than $280 million.
With multiple extensions, this most recent extension was the last one.