As the future of the Electric Works project remains uncertain, Greater Fort Wayne, Inc.’s board issued a statement Tuesday urging the project to continue “without delay.”
Fort Wayne’s redevelopment commission pulled the plug on the economic development agreement (EDA) for the project on August 3, citing significant funding shortfalls and five extensions to financial benchmarks. An attorney for RTM Ventures disputed the size of the shortfalls, and the developers themselves argue they have met their benchmarks within a reasonable industry standard.
Greater Fort Wayne -- the chamber of commerce and economic development organization for Fort Wayne and Allen County -- is most fearful of the city losing the commitment of Electric Works’ anchor tenant: New Haven-based Do-It-Best Corp.
In March, Do-It-Best announced it would move its corporate headquarters to Electric Works, which would lead to the creation of 492 jobs and what GFW projects would be a $2.7 million annual economic boost for the city.
The statement from the board says the loss of an employer of Do-It-Best’s stature would be “unacceptable” and “detrimental” to Fort Wayne.
Fort Wayne City Council will hear from the developer and members of the commission on the matter during its August 18 meeting.
