FORT WAYNE, Ind. (WOWO) – Fort Wayne Mayor Tom Henry provided an update on the City’s position on the Electric Works project Wednesday.
Mayor Henry reiterated that he and his administration continue to support the redevelopment plans for the former General Electric (GE) campus, but recognizes there is a lot of work ahead, particularly on financials and getting leases signed by tenants.
Ongoing and upcoming action steps include:
- Working with the Fort Wayne Capital Improvement Board (CIB) to secure the market analysis for the project
- Working with the CIB to secure the financial analysis for the project regarding funding streams necessary to support bond financing
- Working with Allen County to secure their financial commitment project
- Continue the evaluation of the viability of prospective tenants
- Obtain from RTM Ventures the due diligence items that were previously requested
- After obtaining the due diligence items from RTM Ventures, work will continue with the various boards, public agencies and elected officials to respond to any questions and concerns
- Finalize the development agreement with RTM Ventures, which will confirm their commitments and obligations to the project and the conditions for local funding assistance
“The City’s recent proposal of $50 million in local funding to go toward the Electric Works initiative demonstrates our willingness to make a substantial investment to assist in the redevelopment of the former GE property,” said Mayor Henry in a press release.
Mayor Henry also stated that a comprehensive and sustainable financial and tenant plan will be forthcoming.