Council Lays Out Funding Options for Electric Works
Fort Wayne City Council approved a resolution regarding the proposed Electric Works development project, located on the site of the old GE campus on Broadway.
Electric Works will need $65 million by May 30, otherwise, the project may not survive. Council voted 7-2 in favor of the resolution, which councilmen John Crawford and Geoff Paddock emphasized was a non-binding way for the body to fast-track the discussion.
The goal is for Fort Wayne to chip in one-third of the $65 million needed to break ground on phase one. Council hopes to do this through Legacy and CEDIT funds. Paddock notes the Electric Works project would likely continue revitalizing the Broadway corridor.
“They’re purchasing homes. They’re renovating homes. They’re selling them. They’re turning them over to tenants, and they’re taking what used to be drug houses and now making respectable residences,” said Paddock. “That’s just one residual we could see in addition to jobs, income and activity in that area.”
The resolution notes bond issuance and purchase agreements between the city and Redevelopment Commission and Authority could be considered if council can’t agree on using Legacy and CEDIT dollars.