Allen County Submits $3.5 Million Commitment To Electric Works Developers
A tumultuous year for the Electric Works development will end on a high note, as Allen County has submitted its $3.5 million obligation to the project.
The county had always pledged those dollars as part of the overall funding package, but were held as the project spent several months in limbo following its abrupt termination by the Fort Wayne’s redevelopment commission in August. A deal between the city and lead developer RTM Ventures was reached in October, and is in the process of being fast-tracked to closing.
With more clarity as all parties near the finish line of the project’s economic development agreement, Allen County wired its $3.5 million commitment to RTM Ventures “before the Christmas holiday,” according to a news release.
Those dollars are in addition to $1 million originally provided in the fall of 2018 for environmental remediation.
In a joint statement, the county board of commissioners reaffirmed their “early” support of the project, noting the importance of Electric Works with regard to business retention and expansion, while adding “new companies and jobs” to the community.
Once the newly negotiated EDA officially closes, construction on the Electric Works campus is finally set to begin in the spring of 2021.