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Council adopts Woodwind economic-development area and approves plan to finance golf-course improvements
Summary
The council approved a declaratory resolution establishing the Woodwind Economic Development Area and related residential housing allocation areas, and heard an introduction of bonds to finance Woodwind Golf Course improvements. Councilors discussed land-swap mechanics and future land-use options before unanimously adopting the resolution.
Westfield
On May 12 the Westfield Common Council unanimously adopted a declaratory resolution creating the Woodwind Economic Development Area (EDA) and associated residential housing allocation areas; the council also heard an introduction to an ordinance authorizing up to $6 million in economic development bonds to finance improvements to the Woodwind Golf Course.
Economic-development staff and legal counsel said the EDA and allocation areas are designed to enable tax-increment financing to pay for infrastructure and improvements associated with the developer's planned reconstruction of three existing golf holes and the establishment of three new holes. Rachel Baker of Economic Development described four allocation areas (Woodwind East, Woodwind South, Ravinia and Kimball Wick) and explained how some allocation areas will include a passthrough of TIF revenue to the schools (Woodwind East, Woodwind South and Ravinia use 20-year pass-throughs; Kimball Wick is a 55-plus area without school passthrough and would have a 25-year life).
Dustin Meeks, bond counsel from Barnes & Thornburg, told the council the financing ordinance under consideration would authorize bonds with a maximum principal amount of $6,000,000, a maximum term of 25 years and a maximum interest rate of 8 percent; Meeks said the developer is expected to acquire the bonds and that the ordinance authorizes standard documents such as a trust indenture and financing agreement.
Council discussion focused on land-swap mechanics and future land use of the parcels that will be freed up if the developer constructs the new holes and gifts them to the city. Councilor John Dart and others asked whether approving the EDA locks the council into a specific future use for the South-side land; legal counsel and staff said the EDA establishes a financing mechanism but does not mandate a particular land use, zoning or development outcome. Counsel noted there would be limited economic pressure from establishing an allocation area while the land remains undeveloped, and that establishing the EDA allows the city to act readily if and when development proceeds.
Mayor and council members also noted the transactional risk sits largely with the developer if the city declines a future land swap; the council recognized that the final decision on any land exchange or development of the freed parcels would be made by a future council and mayor when/if the developer seeks an explicit land swap.
The council voted 6-0 to adopt the declaratory resolution (Resolution 25-124). The bond ordinance (Ordinance 25-32) was introduced for review; it was not eligible for adoption at the same meeting.
What's next: The EDA will proceed to the Redevelopment Commission for the required public hearing and confirmatory resolution. The bond documents and financing details will be finalized and returned for later council action on the bond ordinance.
