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Capital Improvement Board OKs Electric Works extension

The Capital Improvement Board agreed to a crucial extension of a deal with Electric Works' developers Wednesday. (Courtesy photo)

It’s two down, one to go for Electric Works.

Echoing a decision made Monday by the Fort Wayne Redevelopment Commission, the Capital Improvement Board on Wednesday unanimously approved an extension of the development agreement between RTM Ventures and the city. The deal had required certain financial and leasing commitments to be met by Feb. 1. Now, in the third extension of the deal, the deadline for leasing, funding and construction documents has been pushed back to April 30, and to June 30 for closing.

The vote came without public discussion but followed a half-hour closed-door executive session.

Developers have said the extra time is critical to finalize an agreement with an anchor tenant that, as The News-Sentinel first reported, has signed a letter of intent to occupy about 200,000 square feet of the former General Electric campus.The tenant will be officially announced Thursday, but as The News-Sentinel first reported the tenant will be Do it Best, an international hardware wholesaler currently headquartered in New Haven.

The Allen County Commissioners are expected to approve the extension Friday. Various local entities have pledged a total of $65 million in public funds to the $230 million project.

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