FW Councilmen opposing extension to Electric Works

FW Councilmen opposing extension to Electric Works

As we learn more.

Time may have run out on the electric works project.

Electric works' developers asking for another extension to give city and county officials time to get financial backing...and some fort wayne city councilmen say money tied up with the project... would be better used elsewhere..fox 55's chris mullooly is outside the general electric campus... chris... what would they like to see happen??hunter... councilmen arp and ensley say 10 million dollars in legacy funds... which have been held over for almost two years as this project has continued to be delayed..

Shouldn't be locked in...and instead... could be used as an emergency fund to help businesses hurting from covid 19.they say the investors... have run out of time.

"necessarily where covid 19 killed the project but it may have been the final nail in the coffin"its been almost two years since the electric works project was introduced...and fort wayne councilman paul easley its time to pull the plug... in order to help other areas of the city.on paper this project has never made senseeasley..

Along with fort wayne councilman jason arp and fort wayne redevelopment commissioner nathan hartman writing a to city officials... a fifth extension to secure proper funding by the developers... is too much.were almost certainly gonna face budget contraction and developer can't get private financing for projectthey believe the 10 million dollars in legacy funds tied to the project and 65 million in public funds could be used to help business and areas in the city hit hardest by covid 19.

We committed these funds a yea nd a half ago and theres been nothing but delays and excuses some good some not as good these delays were to secure funding and anchor tenants.... some of which were successful.

Back in november city councilman geoff paddock said waiting wouldn't be a bad thing.we can still find a way to make this project workrtm ventures finding their anchor tenant in do it best a hardware wholesaler...but as the pandemic continues to keep thousands without jobs and businesses closed...the revenue.... might not be there.

People arent eating out like they used to and thats why bev tax revenues are gonna be down substantially rtm says they are still committed to the project and the economic impact it will have on the area...they did say construction will be delayed on the campus though due to the covid 19 pandemic.

Reporting live ... chris mullooly... fox 55 news.