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Whiteland redevelopment commission approves bond-backed lease to fund Bob Litton Boulevard roundabout
Summary
The Whiteland Redevelopment Commission on Sept. 11 approved two resolutions authorizing a redevelopment-authority bond financing and related lease for the Bob Litton Boulevard roundabout project, setting maximum parameters for the borrowing and beginning a 30-day objection period before bonds are sold.
The Whiteland Redevelopment Commission voted 5-0 on Sept. 11 to adopt two resolutions authorizing a bond-backed lease through a newly formed redevelopment authority to finance a roundabout on Bob Litton Boulevard.
The action authorizes the parallel documents that will allow the redevelopment authority to issue bonds of not more than $2,750,000, with annual lease payments capped at $400,000, an interest-rate cap in the documents of roughly 6–6.5 percent and a maximum term of 12 years, according to town bond counsel Jacob Bowman.
The financing uses a common Indiana structure: the town ground-leases the project to the redevelopment authority, which issues bonds and then leases the project back to the town. On that arrangement, Bowman said,…
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