Electric Works gets unnamed new funding source
Electric Works may soon have a new funding source attached to the project.
On Thursday morning, Fort Wayne’s Economic Development Commission approved a trust indenture between the city and developer RTM Ventures. A trust indenture is an agreement in a bond contract made between a bond issuer and trustee.
In this case, the trustee is currently unknown to the public and dubbed “yet-to-be-named.” The amount is for $32 million.
A public comment period was entertained, but nobody stepped forward to object, and it moved on unanimously.
The body also approved the funding agreement for Electric Works between the city and RTM Ventures.
The 730,284 square-foot project is slated to cost more than $300 million in its two phases, and will turn much of the old General Electric property on Fort Wayne’s near southwest side into a multi-use economic development hub.
Potential tenants for the site already include Fort Wayne Community Schools, restaurants, breweries, and a primary care clinic.