Indiana NewsLocal News

Electric Works clears final deadline hurdle

(Supplied/RTM Ventures)

FORT WAYNE, In: (WOWO) Fort Wayne’s Electric works project, in spite of several announcements this past week, had one final hurdle to clear in terms of the funding and closing deadlines that had been set. The Allen County Board of Commissioners.

In a unanimous vote yesterday, the Commissioners approved extending the deadlines for funding and closing on the project, paving the way for RTM Ventures to move forward with the historic development, and Do It Best to remain Northeast Indiana based. The Fort Wayne Redevelopment Commission and Allen County Fort Wayne Capital Improvement Board OK’d similar extensions this week.

According to the Journal Gazette, RTM Ventures’ Jeff Kingsbury said this latest extension puts the project on track to meet the closing deadline for public funding. RTM Ventures is developing the $250 million renovation of the former General Electric campus.Kingsbury told Commissioners that the project, which has about 19 tenants so far, is close to 60% pre-leased.

 

Do it Best CEO Dan Starr said Thursday that the company also plans to expand its employee base by approximately 90 people, as part of the move, which includes up to $1.6 million in conditional tax credits from the State of Indiana and nearly $200,000 in training grants.

Related posts

Drug Bust in Albion, 2 Arrested

WOWO News

Wildlife Officials Oppose Disputed Deer Hunting Proposal

Tom Franklin

Controversial loan bill fails in IN House

Darrin Wright

Leave a Comment