The Fort Wayne Redevelopment Commission approved an extension of the economic development agreement for the Electric Works project.
The project developers RTM Ventures were to have met all financial commitments by Thursday, and closing on the former GE property was set for June 1.
But on Wednesday, the Redevelopment Commission approved an extension to the agreement, and moved the dates out to June 30 for financial commitments. Closing is now scheduled for September 30.
The first two phases of the project, which will turn the historic General Electric campus into a mixed-use center of commerce, education and culture, are slated to cost about $248 million.
Fort Wayne Mayor Tom Henry announced his support for the extension. The extension needs to be approved by local public financing partners at upcoming meetings of Allen County Fort Wayne Capital Improvement Board of Managers and Allen County Commissioners.
The local public funding for the project totals $65 million.
