The Brownsburg Economic Development Commission voted to adopt Resolution 2025-01 EDC on Oct. 16, approving the issuance of bonds supported by a pledge of tax-increment financing (TIF) revenue to help fund construction of a proposed Project Falcon headquarters in Brownsburg.

Project Falcon, described by Town Manager Deb Cook, is a life-sciences company that the town said has more than 60,000 employees worldwide and plans to build a 540,000-square-foot headquarters in Brownsburg. "They plan to invest $340,000,000 to construct the facility in addition to investing an estimated $995,000,000 in personal property," Cook said during the presentation. Cook said the company expects to relocate 1,776 existing jobs to Brownsburg and anticipates creating "over 300 new jobs in the coming years." She said retained jobs have an average wage of $40.71 per hour and the planned new jobs an average wage of $45.90 per hour.

The resolution approved by the commission authorizes use of TIF revenue from the project parcel to support debt service on bonds the developer will purchase. Cook said the town is not purchasing the bonds and "we are not on the hook for them." Under the arrangement described to the commission, 75% of the TIF revenue generated by the project parcel will be pledged to the bond debt service and returned to the company to help fund construction; the town will retain 25% of the TIF revenue for future eligible projects. Cook said the documents in the packet state the developer-purchased bonds "do not interact or impact the tax rate in any way."

Scott (staff member) explained why the Economic Development Commission (EDC) was holding the required public hearing: the project qualifies under an Indiana statute for an "economic development facility," which triggers an EDC public hearing before other steps. Scott said the town's redevelopment commission will act separately on the TIF pledge and the town council will adopt an ordinance (a draft ordinance was included in the packet) if the approvals move forward. He said that if the developer fails to generate the projected TIF, the structure places the risk on the developer and the bonds would not obligate the town to make up shortfalls.

A member of the public, David Wyant of PO Box 513, Brownsburg, asked for details that were not in the packet, including a project timeline for construction and job attainment; the presence and terms of any clawbacks or penalties if employment metrics are not achieved; whether other incentives from the state, county or utilities were involved; and the bond duration and maximum interest rate. Wyant asked for a clear sequence of governance steps and milestones. Scott and Cook responded that the packet contains the relevant documents for the bond structure, that the personal property abatement the company requested would require town-council approval, and that the redevelopment commission and town council would act after the EDC. Cook and Scott said they did not have details in the packet about additional state or utility incentives and that the company (developer) would bear the risk if the project does not generate the projected TIF revenue.

The public hearing portion of the meeting was opened at approximately 5:08 p.m. and closed at approximately 5:11 p.m. After discussion, a commission member moved to adopt Resolution 2025-01 EDC; a second was recorded and the commission voted in favor. No members voiced opposition during the roll call on the motion.

The record shows that the company has also requested a personal property abatement; Town Manager Cook said that abatement would be considered by the town council and is not decided by the EDC. The redevelopment commission also must take separate action to facilitate the TIF pledge as part of the overall approvals process.

Questions raised during the public comment period and by commissioners included: the project timeline and timing of job creation (not specified in the packet), whether and how employment targets are enforced (no specific clawback language was provided in the packet), what other incentives might be in play (state or utility incentives were not specified), and specific bond terms such as maximum interest rates or exact bond duration (not specified in the packet). The transcript and packet referenced multiple dollar amounts for the project's capital investment; the town manager stated construction and personal property figures in her remarks, and the packet materials contain related documents. The commission approved the EDC resolution and directed next steps through the redevelopment commission and town council as required by Indiana statute.

The commission also approved the minutes from its April 3, 2025, meeting earlier in the session by motion and voice vote. The EDC adjourned following completion of its business.