Whitestown commission adopts resolution authorizing bonds for Padgett Commons project

The Town of Whitestown Economic Development Commission voted to adopt Resolution 2025-01 on June 2, authorizing certain actions related to proposed economic development revenue bonds for New City Development Partners LLC and the Padgett Commons project.

The vote authorizes a portion of an overall financing package the presenter described as roughly $33,000,000; the portion before the commission for this evening was described as $1,500,000 and is intended for on-site incentives rather than the larger public infrastructure elements. A motion to adopt the resolution carried, recorded as 3-0 in favor.

A staff member who provided the overview said the Padgett Commons site is “essentially in this, approximately 40 acres,” and described the proposed mixed-use development as including “approximately 200,000 square feet of retail,” senior housing, multifamily units, a park/trailhead with multiuse paths and a substantive road extension to connect interchange improvements. The presenter described a planned extension of County Road 550 South that would curve north along County Road 575 East toward Anson Boulevard and include three roundabouts to provide internal and future external access to the site.

The presenter told the commission the resolution before the body covers incentives primarily for on-site uses; remaining bonds in the broader financing would support a larger infrastructure project tied to the development. The presenter also said the project area was pulled into a new Padgett Commons economic development area (EDA) and allocation area; that allocation area will contribute 50% of the assessed value (AV) to repay the NDOT loans mentioned in the presentation. The presenter clarified that existing EDAs and tax-increment financing timelines were not extended and that the new Padgett Commons allocation area has its own timetable.

Commission members asked whether other tax-exempt bonds or additional financing pieces would come before the commission; the presenter said some of the tax-exempt bonds noted would require separate approvals and were not part of the item before the EDC that night. No public speakers were present in person; no online commenters spoke during the hearing.

The commission opened the public hearing at 5:06 p.m., heard the staff overview, and closed the hearing before taking the vote. With the resolution adopted, further steps described by staff — including approvals of separate bond series and the larger infrastructure financing — remain to be completed before the full project financing is in place.

What the commission approved was limited to the actions and proceedings described in Resolution 2025-01; staff said other bond series and tax-exempt instruments would require subsequent filings or approvals.