Whitestown council continues review of Paget Commons economic development agreement after public questions about $27.2 million financing

The Town of Whitestown Town Council on Feb. 20 continued consideration of an economic development agreement for a mixed-use project commonly called Paget Commons after residents raised questions about bonding, guarantees and how taxpayer money would be used.

The agreement, negotiated between the Town of Whitestown, the Whitestown Redevelopment Commission, New City Development Partners LLC and Paget LLC, would support a mix of retail, senior and multifamily housing and infrastructure. Isaac (President and CEO, New City Development Partners LLC) told the council the developer is “assuming the risk for any cost overruns with regards to that $27,200,000.” Kim Sterling (Taft, town counsel) said the EDA includes a completion guarantee that “applies to the full project.”

Why it matters: The package includes about $27.2 million in financing for infrastructure, split by counsel and staff into a roughly $25.7 million tax-exempt series to fund public-eligible infrastructure and a $1.5 million taxable series for other developer-eligible costs. Citizens and council members pressed for clarity on who ultimately bears the risk, how cost savings will be split, and what oversight the town will retain.

Public concerns and developer response

Several residents spoke…