County Commissioners give Electric Works developers more time, latitude
The Allen County Commissioners on Friday gave developers of the Electric Works project the last of three approvals needed to extend their compliance with the original agreement covering the use of $65 million in local public funds. The Commissioners also amended a previous agreement covering clean-up of the former General Electric campus that would allow remediation of additional buildings.
The city’s Redevelopment Commission and the Fort Wayne-Allen County Capital Improvement Board have already agreed to extend the deadline for securing all necessary financing and leasing commitments. The original deadline under RTM’s deal with the city was July 1, but the developers said the temporary shut down of the federal government earlier this year delayed processing of tax credits essential to the $250 million project.
The CIB has pledged $45 million in restaurant tax revenues for the project, and the city has committed $13.5 million in Legacy and income tax funds. The Commissioners last October pledged $3.5 million in local income taxes and, with the CIB, approved a $3 million loan to remove lead paint, asbestos and other environmental hazards from the site.
That clean-up has gone more efficiently than expected, leaving funds left to clean buildings not included in the original scope of work. Friday’s amendment will authorize the additional work.
The extension is good until April 30, 2020. “We need to do what we can to make this project a success,” Commissioner Nelson Peters said.