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Whiteland council forms redevelopment authority, approves bond framework to fund roundabout project
Summary
The council voted 5-0 to create a redevelopment authority, authorize related leases and approve financing parameters that would let the town issue lease-backed bonds for the Whiteland Road roundabout and other capital improvements.
The Whiteland Town Council on Wednesday approved formation of a redevelopment authority and a companion resolution setting parameters for lease-backed bonds intended to finance the Whiteland Road roundabout and related improvements.
The council’s action included approval of an ordinance to create the redevelopment authority and a resolution approving parameters for the bond issuance; both votes were 5-0. The council also appointed three members to the authority and agreed to execute ground-lease documents and interlocking leases required by the financing structure.
The redevelopment authority will lease town-owned rights (described in the meeting as portions of town streets and related “lease premises”) back to the town’s redevelopment commission; the authority would then issue bonds and assign authority to a bond trustee. As presented in the meeting, the financing structure is designed to preserve the town’s direct debt capacity while enabling lease…
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