Fort Wayne won't back ex-GE site loan

Fort Wayne officials Monday rejected RTM Ventures' request for the Capital Improvement Board to co-sign a $23 million loan to support developing the former General Electric campus.

But supporters aren't giving up yet on the $248 million mixed-use project that would include education, innovation, office, residential, retail and entertainment spaces.

The developers last week asked the Allen County Fort Wayne Capital Improvement Board to guarantee a loan. If approved and if the funding package for Electric Works fell through, the board would have had to pay off the loan in exchange for outright ownership of the property, which was independently appraised at $41 million.

The emailed rejection letter offered three reasons the board can't co-sign the loan: It doesn't have legal authority to grant the request; the current contract for the public-private partnership would have to be amended and approved by multiple officials; and approving the request would put taxpayer money at risk.

Read more: https://www.journalgazette.net/news/local/20191119/city-wont-back-ex-ge-site-loan
(Fort Wayne Journal Gazette)