The Allen County Fort Wayne Capital Improvement Board on Thursday unanimously approved the new economic development agreement allowing Electric Works to go forward.
The new agreement is essentially the same as the initial 2018 agreement but adds the names of Tim Ash of Ash Brokerage as an investor and development partner and The Model Group of Cincinnati as co-developer with RTM Ventures, Nancy Townsend, Fort Wayne Community Development director, told the board. The new economic development agreement also requires developers to have signed leases by the closing date, Dec. 31. The plan is to have all documents in hand by Dec. 15, Townsend said.
Jeff Kingsbury, RTM partner, told The Journal Gazette after the vote he did not anticipate a problem with getting leases signed.
The CIB previously pledged $42 million to the now-$280 million redevelopment project on the former General Electric campus along Broadway south of downtown. The money was to be paid over several years from revenue from food and beverage taxes administered by the board. That agreement died when the city's redevelopment commission refused to extend the closing deadline.
An alternative financing plan was advanced to the CIB by the Allen County commissioners but has not acted upon, and the board instead began discussions on alternative ways to invest the money before the new plan was brought forward.
The commissioners' proposal is no longer needed, said Jim Cook, CIB president, adding the city will issue a bond and CIB funds will be used to repay the bond, as in the original agreement.