Even after the public funding partners of Electric Works declined a request from RTM Ventures for an additional $23 million, the development team isn’t changing course.
The partners cited statutory limitations of the city’s Capital Improvement Board along with new changes and approvals as reasons for rejecting the funding, but expressed commitment to seeing RTM succeed in completing the Electric Works project.
In a statement, RTM says that for now, “nothing changes in terms of our outlook or approach – we remain committed to finding the right solution to close on the financing and continue the clean-up and renovation of this historic campus.”
It notes that the funding request came in an effort to promote communication and transparency in the process, calling it “a loan-guaranty proposal from a potential outside investor.”
RTM has until Feb. 1 to meet several benchmarks before the closing, which is currently scheduled for April 30.
Following Monday’s redevelopment commission meeting, representatives did not rule out extending benchmarks beyond the deadline, but that will be contingent on how successfully RTM completes other processes as outlined by the EDA.
