Whitestown RDC approves TIF corrections, creates Padgett Commons EDA and consolidates several TIF districts

Whitestown Redevelopment Commission members approved a package of tax-increment financing (TIF) adjustments on April 7 intended to support the town's "Padgett Commons" development and the debt structure that will back related redevelopment authority bonds.

The commission voted, 3-0, to amend a prior pledge of tax-increment revenues to correct which parcels were included; to adopt a declaratory resolution removing parcels from the Whitestown INDOT Economic Development Area and establishing the Padgett Commons Economic Development Area and Allocation Area; and to consolidate several existing economic development/allocation areas into a new I-65 Consolidated Economic Development Area. The commission also introduced — but did not vote on — a resolution that would approve the lease structure to be used in issuing redevelopment authority bonds.

Todd (staff member) told commissioners the amendment to the existing pledge resolves a drafting error in the original 2022 resolution that misidentified which lots would be developed at the site. "It's a clerical change only," Todd said, explaining that the originally approved documentation listed the developed parcels as Lot 1 and Lot 2 but the site was later plotted with three parcels, with the middle parcel shown as floodplain and retained by the original owner for farming. Todd and Steve (staff member) said the amendment restores Lot 3 into the pledge so the bond calculations match the actual lot numbering and assessed values.

Commissioners and staff described the other resolutions as components of one larger financing and land-assembly package tied to the "New City/Padgett Commons" project. Steve (staff member) summarized the consolidation plan: several existing TIF districts (including the Perry Industrial Park and the INDOT-related area) and some roadway areas would be combined to create an I-65 Consolidated Economic Development Area whose excess revenues will be pledged to the new city bonds under the previously approved economic development agreement from the March 13 meeting. Steve said the town will continue to honor a commitment that 50% of revenue from the Padgett Commons parcel will go to pay off about $10,000,000 associated with INDOT.

Staff explained this is a multi-step process: the materials will go to the town council, plan commission and redevelopment authority, and the RDC will hold the required public hearing and adopt confirmatory resolutions in subsequent meetings. The commission also heard that creating the new Padgett Commons EDA restarts a TIF clock for that parcel, allowing a 25-year term for that new district; staff said existing TIFs that already have outstanding bonds will not restart their terms.

A commissioner asked whether excluding the rec-site (the town's recreation parcel) from the consolidation could leave insufficient revenue for park work; staff responded that the rec-site TIF has not yet started its clock and was intentionally left out to avoid starting its term prematurely, and that the town could consider amending future pledges if additional revenues are needed for the recreation site.

Votes at a glance: - Approval of claims: motion passed 3-0. - Resolution 2025-02 (amending Resolution 2022-04 concerning the pledge of tax-increment revenues for the Patch allocation area): passed 3-0. - Resolution 2025-03 (declaratory resolution removing parcels from the Whitestown INDOT Economic Development Area and establishing the Padgett Commons Economic Development Area and Allocation Area): passed 3-0. - Resolution 2025-04 (consolidation of certain economic development areas and corresponding allocation areas to create the I-65 Consolidated Economic Development Area): passed 3-0. - Resolution 2025-05 (introduction only; lease-structure for bonds): introduced and discussed; no vote taken.

The commission chair confirmed the materials and the introduced lease resolution will return to the commission for public hearing and final action in later meetings. The meeting adjourned after brief additional administrative items and recognition of new closed-captioning and microphone improvements for meetings.