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Whitestown RDC hears 2024 TIF results, reporting deadlines from municipal advisor
Summary
Kron Associates presented the RDC’s 2024 tax-increment financing (TIF) revenue and spending summary, explained statutory reporting deadlines and how TIF proceeds were used in 2024, with no formal action required by the commission.
Nathan Fox, municipal advisor at Kron Associates, presented the Town of Whitestown Redevelopment Commission’s annual TIF and RDC report and summarized statutory reporting deadlines and 2024 finances.
Fox told commissioners that the Clerk-Treasurer must provide an annual report by April 1 and that the RDC must present a report to town council and input data into Gateway and the TIP management system by April 15. He said the commission will provide the clerk-treasurer assistance with the Gateway data entry.
The presentation summarized 2024 TIF finances. Fox reported the RDC received about $11.8 million in TIF revenues in 2024 and spent about $17.4 million. He said the largest single expenditure in 2024 was roughly $9 million for the salt‑barn/maintenance building; other capital spending included about $2.7 million for road infrastructure and land acquisition, and the commission paid about $5.4 million in debt service. Fox said four TIF areas had not received TIF revenues in 2024 and therefore were not included in the slide totals.
Fox reviewed how TIF works: assessed value in the year a TIF area is created becomes the base value for overlapping taxing units; subsequent increases (captured AV) generate increment that funds the RDC during the life of the district, typically 25 years after debt is issued or revenue pledged.
He also summarized a developer-backed bond the RDC issued in 2024 for infrastructure around the Wally site, and he described required appendices in the annual RDC report — membership lists, outstanding debt, revenues and expenditures — that the RDC will submit to council to meet Indiana Code requirements.
No vote was required; commissioners confirmed the presentation was informational and thanked Fox for the report.
