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Whitestown council selects BOT developer and advances financing steps for Padgett Commons
Summary
The Whitestown Town Council approved a developer selection and moved multiple financing and district-mapping steps forward for the Padgett Commons project, including a $33 million lease-backed bond component and a $1.5 million revenue bond piece under initial review.
The Whitestown Town Council on May 14 approved the selection of a build–operate–transfer (BOT) developer for the Padgett Commons project and advanced related financing steps, including lease agreements tied to a $33 million bond package and a first reading of a $1.5 million economic development revenue bond ordinance.
The action matters because it combines developer selection, bond authorization and tax-increment financing (TIF) mechanics into a single funding package that town staff said is intended to pay project infrastructure from TIF revenues rather than a town tax levy backup.
Town staff presented the package as several linked approvals rather than independent items. A public hearing and resolution (Resolution 2025-16) authorized staff to proceed with selecting New City…
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