The Legacy Fund request that Electric Works developers have submitted lays out the project's current financial backers and outlines potential site improvements, including a new pedestrian walkway, a possible bike-share program and a Community Enhancement Fund to help the surrounding neighborhood.
The application dated March 30 is modeled after funding possibilities presented to the City Council on Feb. 27. The request calls for about $13.6 million in Legacy Fund money – a $7,583,333 grant and a $6 million loan. The Legacy money requested is part of a $65 million local investment necessary for the project's success.
The city's Legacy Joint Funding Committee will evaluate the proposal May 24. The Legacy Fund is comprised of money generated by the lease and sale of Fort Wayne's old power utility.
The total project cost to redevelop the former General Electric facility's west campus south of downtown is $220,989,800.
RTM Ventures, a joint venture between Cross Street Partners of Baltimore, Greenstreet Ltd. of Indianapolis, and Biggs Development of Decatur, is developing the Electric Works property.
“Both the Fort Wayne Market and the GE campus present a powerful opportunity for commercialization and educational activity in the region,” the application states. “Electric Works will assemble a number of anchor institutions and organizations that together will provide space and programming for the creative and entrepreneurial community around which to coalesce and engage.”
The application highlighted “up to 200,000 square feet of space for colleges, universities and research entities, as well as flexible co-working and designated space for a single entrepreneur or growing company” and noted that Fort Wayne Community Schools is currently exploring creating a regional STEAM school on the site with a focus on entrepreneurship.