The development team for Electric Works announced Tuesday the National Park Service has approved the redevelopment and rehabilitation plan for the project’s West Campus, at the site of Fort Wayne’s old General Electric complex.
The approval is notable, as it now qualifies Electric Works for tax credits under the Federal Historic Preservation Tax Incentives program, which developers say are “important to financing the $250 million first phase” of the project.
Specifically, the program provides a 20 percent federal income tax credit to developers of qualifying income producing properties; the estimated tax credit financing for Electric Works comes out to $34 million.
It’s a big win for the developers, who received another preliminary 60-day extension to meeting its financial obligations due to the coronavirus pandemic and noted that several revenue opportunities were still in the works.
That extension will be discussed for final approval by Fort Wayne's Redevelopment Commission on Friday at 3 pm.
While the Economic Development Agreement between RTM Ventures and the City of Fort Wayne has yet to be fulfilled and the property has not yet been closed, developers expect construction will still begin “later this year.”
