A deadline extension for RTM Ventures to meet financial obligations on the Electric Works development project is being supported by Fort Wayne Mayor Tom Henry.
In late-October, the Capital Improvement Board agreed to extend leasing and financial deadlines to February 1, with an April 30 closing date -- on a 4 to 1 vote.
April 30 will now serve as the deadline for RTM to meet all financial commitments, with a closing date scheduled for June 30.
In November, Electric Works requested an additional $23 million in the form of a loan from “a potential outside investor.” The funding partners declined, creating a sense of uncertainty around whether or not RTM Ventures would meet its financial obligations on time. RTM responded by saying “nothing changes in terms of our outlook or approach.”
But Henry reiterated his support of an extension to the deadline in a statement, saying “Our community recognizes that large projects are complex and time consuming but are important to help ensure local and regional success.” He also added that a potential “anchor tenant” has been identified.
RTM Ventures followed with a statement thanking the mayor, while emphasizing its desire to continue collaborating with public partners to begin construction as soon as the summer.
Henry’s support only means so much: the extension still has to be approved by the Fort Wayne Redevelopment Commission, the Allen County Fort Wayne Capital Improvement Board, and Allen County Commissioners. But that support could help smooth over some skepticism among board members who may have originally been reluctant to approve of another extension.
$65 million in local funding will be disbursed upon meeting these goals, as outlined in its Economic Development Agreement with the City of Fort Wayne. All told, the first of the project’s two phases will cost an estimated $248 million.
