The public funding partners of the Electric Works project is declining a request from the development team for an additional $23 million.
RTM Ventures was sent the letter Monday afternoon informing them of the decision. It highlighted statutory limitations of the city’s Capital Improvement Board along with delays due to new, additional changes and approvals.
Sixty-five million dollars of the first phase’s $248 million has already been funded locally. The partners ultimately expressed their commitment to seeing RTM succeed in completing the Electric Works project while commending the effort toward securing private funds and tenants.
In late-October, the Capital Improvement Board agreed to extend leasing and financial deadlines to Feb. 1, with a closing date set for April 30, on a 4 to 1 vote. The $65 million that has been raised locally will be disbursed upon meeting these goals.
It is unclear what will happen if RTM Ventures fails to meet those benchmarks.
