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Whitestown pledges TIF revenue for Padgett Commons bond repayment
Summary
The Town of Whitestown approved a resolution pledging tax-increment revenues to repay taxable economic development revenue bonds for the Padgett Commons project, including a temporary allocation split that directs 50% to INDOT and 50% to the bonds until specified payoffs occur.
The Town of Whitestown Town Council unanimously approved a resolution pledging certain tax-increment revenues to the repayment of taxable economic development revenue bonds issued for the Padgett Commons project.
Resolution 2025-11 pledges captured TIF revenues for bond repayment and, according to staff, establishes an initial allocation that directs 50% of the captured revenues to INDOT and 50% to the town’s economic development revenue bonds for the Padgett Commons project until specified payoffs occur.
Steph, a town staff member, described the pledge resolution as the next step in the Padgett Commons financing and said the resolution “lays out that 50% of this will go to the INDOT TIF first, and then the remaining…50% to the ETC bonds,” and that once the $1,500,000 bond obligation is repaid the town would begin collecting the full allocation. Steph also said the council had previously passed related project approvals in April.
A council member moved to approve Resolution 2025-11 and another seconded; the ayes were unanimous and there were no opposing votes.
The staff presentation to the council stated the pledge is intended to secure repayment for a $1,500,000 bond associated with Padgett Commons and to coordinate revenue splits with INDOT while that external obligation remains outstanding. The resolution does not, in the council meeting presentation, include a comprehensive project budget, a full repayment schedule, or projected annual TIF revenue estimates.
Staff said earlier project actions were taken in April; no additional public comment or fiscal exhibits were presented during the meeting. Council directed staff to proceed with the procedural steps necessary to issue the bonds under the pledged revenue structure.
