Whiteland redevelopment authority approves lease‑rental bond plan for roundabout, 3-0

The Redevelopment Authority of Whiteland voted 3-0 to adopt a resolution authorizing lease and bond documents to finance a roundabout and related improvements near the town’s industrial park.

The resolution authorizes two financing leases, a trust indenture and related bond sale documents so the authority can issue lease‑rental bonds to fund an estimated $2.5 million roundabout project and ancillary work. The board’s action followed a presentation from town staff and the authority’s bond counsel explaining how the structure would allow the town to fund the work without starting the town’s TIF bonding clock.

Town staff member Carmen told the authority that traffic volumes have risen sharply around the industrial park and that “we now have upwards on the South Side Of Whiteland Road in that industrial park of close to 3,000 employees that are coming in and out of that park on a daily basis.” She described the proposal as an interim improvement that would tie into future state and local projects and said the plan also includes license‑plate‑reader cameras and public artwork in the roundabout’s center.

Jacob McClellan of Bose McKinney & Evans, who identified himself as bond counsel, described the financing structure in detail and…