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Council approves pledge of city general revenues as backup for Grand Park lease‑revenue bonds amid state tax changes
Summary
The council approved Resolution 25‑136 to pledge certain general revenues as a backstop to the Grand Park lease‑rental revenue bonds after state changes to local income tax created uncertainty for the financing plan.
The council adopted a resolution pledging certain general revenues of the city as an additional security source for Lease Rental Revenue Bonds issued by the Westfield Redevelopment Commission to finance Grand Park District projects.
Justin (Dustin) Meeks of Barnes & Thornburg and city staff explained that recent changes in Indiana law (Senate Enrolled Act 1) materially altered the local income tax (LIT) structure the financing had relied on as a backup.…
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