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Whitestown redevelopment report: no new TIFs in 2024; developer-backed Wally’s bond issued
Summary
A municipal adviser presented the Redevelopment Commission’s 2024 annual report, showing no new TIF districts, one developer-backed bond issued in December 2024 to support infrastructure for the Wally's site, and a drop in cash balances tied to capital spending on a salt barn and land acquisition.
Nathan Fox, the municipal adviser for Whitestown, presented the Redevelopment Commission’s 2024 annual report required under Indiana law, summarizing activity in the town’s TIF districts and related finances.
Fox told the council the RDC did not create new TIF areas in 2024 but did issue a developer-backed bond on Dec. 18, 2024, to finance public infrastructure for the Wally’s site. The bond was secured solely by a pledge of 80% of the tax increment from that TIF area; Fox said the town has no other obligation if increment proves insufficient.
The report shows the RDC’s cash balance fell from about $17.4 million at the start of 2024 to about $11.8 million at year end. Fox said the principal drivers of that decrease were capital outlays and scheduled debt service: roughly $5.4 million went to debt service and approximately $11.7 million to capital outlays. He said the largest single capital item was the Salt Barn maintenance building, which he identified at approximately $9 million; land acquisition and road infrastructure together totaled about $2.7 million. Fox said other professional and miscellaneous expenses were about $202,000.
Appendix C of the report lists outstanding debt being paid with TIF revenue; Fox offered to answer council questions about individual debt pledges and said the town would also upload parcel lists and additional details to the state Gateway system to meet the April 15 reporting deadline.
No formal council action followed this presentation; Fox closed by noting the report met statutory submission requirements and invited follow-up questions by email.
