A proposed contract between the city of Fort Wayne and Electric Works developer RTM Ventures has some independent experts scratching their heads, wondering whether local officials want the deal to go through.
Thomas Tuttle, a strategic management consultant and author in Maryland, described limits on how soon and how much RTM's partners can be paid as “kind of strict.”
“Perhaps the city is making a statement that it does not prefer this developer,” Tuttle said Friday in a phone interview.
When city officials inserted a laundry list of requirements into its proposed contract with RTM Ventures, some local proponents of the project questioned whether officials imposed similar restrictions on other developers.
A Journal Gazette review of development agreements between the city and developers of The Landing, Cityscape Flats and Ash Skyline Tower revealed that none of those developers were required to wait until their projects were completely built and stabilized – or generating enough money to cover all monthly expenses – before paying themselves any portion of their development fee.
But, according to the city's draft development agreement released June 13, that's exactly what the city wants to require of RTM Ventures' partners and the estimated $221 million Phase One of Electric Works.