Whitestown RDC approves Paget Commons financing steps, creates new TIF and hires construction inspector

The Whitestown Redevelopment Commission on a unanimous vote approved a package of financing and implementation steps for the Paget Commons development, including approval of draft financing documents, creation of a separate tax-increment finance (TIF) allocation for Paget Commons, consolidation of nearby economic-development areas into a single I‑65 consolidated area, and a construction management and inspection contract for the project.

The actions are intended to let the town finalize bond terms and to provide an owner’s technical representative to speed design review, construction administration and testing for the 550 South / 575 East Paget Commons infrastructure.

Staff member Kyle described the financing resolution (2025-06) as approval “of the form of financing documents, including the trust indenture, an addendum to the lease, the bond purchase continuing disclosure agreement, and the official statements,” subject to further revisions and final signoff by the Redevelopment Commission president. He said the forms are expected to be refined after negotiations with underwriters, bond purchasers and rating agencies.

Staff member Todd explained that resolution 2025-07 removes the Paget Commons parcel from the Town of Whitestown INDOT TIF and creates a new, separate TIF allocation area for the project; he said 50% of the value will continue to be pledged to the INDOT TIF to meet existing obligations, while the new allocation area will start its own statutory clock for that parcel. The commission approved resolution 2025-07 unanimously.

In a related vote, the commission approved resolution 2025-08 to consolidate several existing districts (including Perry Industrial, INDOT Whitestown, Anson South and Maple Grove areas, plus certain right-of-way parcels) into a larger Whitestown I‑65 Consolidated Economic Development Area. Staff emphasized that consolidation is intended to make existing incremental revenues available for Paget Commons infrastructure and that the consolidation does not extend the statutory life of any individual TIF: as an individual district expires, its revenues simply will no longer contribute to the consolidated allocation.

The commission also approved a construction management and inspection agreement to serve as the town’s owner’s technical representative during the project. Sri, the town engineer, said the contract will provide design reviews, daily construction inspection, testing and construction administration during roughly the next 79 weeks of work and will bill on a time-and-materials, not-to-exceed basis. “This is to help with the Padgett Commons development to help with some design reviews,” Sri said, adding the vendor will report to the town engineer and respond on behalf of the town to questions that arise from utilities and the design team.

Sri and other staff clarified that utility relocation design will remain under the developer’s (New City’s) design team and the utility companies; the town’s contract covers coordination and review on town-specific questions (easements, right-of-way limits, financial requests), and the actual utility relocation construction costs are excluded and will be funded separately (staff said such costs are contemplated in the overall bond package).

A late addition, resolution 2025-09, directed the commission’s formal position on whether existing economic development areas have excess assessed-value coverage that could affect bond coverage; staff reported consultant analyses showing none of the town’s districts exceed 200% coverage, and the commission authorized a transmittal letter reflecting that result.

All votes on the Paget Commons items and the construction-management contract were unanimous. The public hearings opened for the financing-related resolutions had no public speakers.

The commission’s approvals finalize the legal and administrative steps needed to proceed toward selling bonds and starting infrastructure work for Paget Commons; staff said the final financing documents will be revised in negotiation with underwriters and executed by the RDC president once terms are set.

Less-critical procedural items: the commission also approved a single claims payment (a legal-fee invoice) and adjourned without further business.