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Lebanon Redevelopment Commission extends TIF pledge to back up to $350 million in sewer bonds
Summary
The commission voted to extend a prior pledge of tax increment financing (TIF) revenues from the Project LEAP Phase 1 allocation area to support up to $350,000,000 in sewage works revenue bonds authorized by the Lebanon City Council on April 28, 2025; the resolution passed by voice vote and staff said closing is likely in mid-June.
At a meeting of the Lebanon Redevelopment Commission (date not specified in the transcript), members voted to extend the commission’s prior pledge of tax increment financing revenues from the Project LEAP Phase 1 allocation area to support repayment of sewage works revenue bonds authorized by the Lebanon City Council on April 28, 2025, in an amount not to exceed $350,000,000.
The action amends the commission’s earlier resolution that created the Project LEAP Phase 1 economic development area and allocation area and expands prior references to the LEAP Water bonds to include the Lebanon sewer bonds and the LEAP Sewer Project. "This commission believes by pledging these TIF revenues, it will support the repayment of the Lebanon sewer bonds and further the accomplishment of the plan," said Rob, a city staff member.
Why it matters: the pledge routes a portion of future tax increment revenues from the defined Project LEAP Phase 1 allocation area to secure debt for sewer infrastructure intended to serve development tied to Project LEAP and Project Domino. The staff presentation said the bonds are jointly secured by a master trust agreement among the Indiana Finance Authority, the Indiana Economic Development Corporation, the city and the Bank of New York Mellon Trust Company, and that the master trust agreement is expected to be amended and restated in connection with the sewer bonds.
Staff said the transaction is a component of broader water and sewer financing for Project LEAP; the commission previously pledged TIF revenues for LEAP Water bonds under Resolution 2024-09 (adopted Dec. 9, 2024). Rob described the current item as a similar pledge for the sewer portion and said a closing on the sewer bonds "looks like probably in mid June." The Lebanon City Council authorized issuance of one or more series of sewage works revenue bonds on April 28, 2025, in an amount not to exceed $350,000,000, according to the staff presentation.
The commission president called for a motion on Resolution 2025-02. A motion to accept the resolution was made and seconded; the commission approved the resolution by voice vote. The transcript does not record individual mover/second names or a roll-call tally.
The meeting also approved payment of claims by voice vote and adjourned; the commission noted full attendance at the meeting and scheduled its next meeting for June 9.
