FORT WAYNE, Ind. (WOWO): With questions already swirling around whether or not Mayor Tom Henry’s administration is providing enough support to the Electric Works project, a new report seems to further complicate things.
It started almost two weeks ago when City Councilman John Crawford accused the Henry Administration of “dragging its feet” when it came to providing local financial support for the mixed-use development at the site of the former General Electric Campus. Those reports were downplayed by developers, but a new report from the News-Sentinel now states that Henry is looking to cap the local contribution from the City and Capital Improvement Board at $50-million.
The developers have said they need $65-million in local funding and say they’re still working “to finalize a local funding strategy.”
Work on the project needs to begin on July 1st if the developers want to get the most out of tax credits already approved for the project. New federal tax laws mean starting any later than that will cause the value of those credits to go down.