Town introduces ordinance to create redevelopment authority, moves toward $2.75 million bond for roundabout project

The Whiteland Town Council introduced an ordinance to establish a redevelopment authority and a companion resolution that would allow up to $2,750,000 in bond financing for a planned roundabout project.

The ordinance was presented for introduction by Dennis Hopkins, who described the structure the town would use to issue bonds and protect the town's debt limit. "To get the best interest rate, we wanna tell the bondholders that Whiteland's property tax levy stands behind it, so that saves you money," Hopkins said, adding that the town intends to service the bonds primarily from existing tax increment financing (TIF) revenues and existing TIP revenues.

The council did not vote on the ordinance at the meeting; Hopkins said the ordinance requires two readings and the resolution would likely be finalized at a future meeting. He…