Paddock, Crawford announce council resolution for Electric Works funding
By Sherry Slater | The Journal Gazette
Two Fort Wayne City Council members today revealed a resolution that could serve as a road map for local funding toward the Electric Works project on the former General Electric campus.
Geoff Paddock, D-5th, and John Crawford, R-at large, said the bipartisan proposal could kick off necessary negotiations if it is accepted next week by fellow council members.
RTM Ventures, the project's developer, has lined up about $100 million in financial support from federal and state sources. It needs another $65 million before it can sign lease agreements and secure a bank loan to reach the $214 million needed for Phase I.
"Obviously, we have a gap to close," Paddock told media gathered outside City Council offices inside Citizens Square downtown. "We want to lay out some scenarios that could be discussed."
Some suggestions in the resolution include "a $6 million loan from the ... Legacy Fund to the Redevelopment Commission to be repaid with TIF revenues generated by the project" and $3 million from CEDIT revenues.
Crawford said time is ticking on getting commitments in place or the developer would lose federal and state funding.
"For the local part," he said, "this is the beginning of the beginning."