Whitestown EDC approves up to $17.5 million in bonds to refinance Bridal Oaks, fund Mills on Main

The Town of Whitestown Economic Development Commission voted Oct. 6 to approve Resolution 2025-02 authorizing up to $17,500,000 in economic development revenue and refunding bonds for projects described as Mills on Main and Bridal Oaks.

Commission members heard a staff overview that the proposal would refund outstanding bonds tied to the original Bridal Oaks pledge area and issue new bonds to support a Mills on Main tax-increment financing (TIF) district and a parcel reserved for future completion of Phipps Lane. A town staff member said the combined maximum amount under the proposal would be $17,500,000 and that the item also corrects a typographical error in the exhibit—“Phipps Lane,” not “Phillips Lane.”

Why it matters: The refunding and new issuance would change which parcels are pledged to existing bonds and help fund infrastructure necessary for a planned multifamily project and associated retail and commercial space. The commission’s action moves the financing step forward but does not by itself construct the projects; it is part of a sequence that also involves the redevelopment commission and the town council.

Town staff described the broader Bridal Oaks area as generally north of Albert S. White, east of Main Street and extending to the Big Four Trail. Existing development in the area includes single-family homes developed by Pulte Homes, the Meadows on Main multifamily project, Trullo Homes, a gas station and planned commercial uses. The staff overview said Brown Capital plans a multifamily project immediately south of the single-family section and will complete an extension of Indigo Blue (a road name that may be renamed during construction) to make a new connection through the Bridal Oaks area.

The staff member said the multifamily component under consideration totals 262 units as submitted in the development plan; an allowance for up to two additional units of retail at a northwest corner was described, which would raise the absolute maximum to 264 units if the developer later converted retail footprints to residential units. The presenter said the development plan has received planning commission approval and that any later change to unit counts would return to the town for approval.

According to the staff overview, the town and project partners are proposing two new TIF districts: one specifically for the Mills on Main area and another to set aside an undeveloped tract for the future completion of Phipps Lane. The proposal would refinance the original Bridal Oaks bonds and issue new bonds for the Mills on Main TIF; staff characterized the combined financing proposal as a refinancing and new issuance tied to the changed pledge area.

Commission discussion was brief. One member asked whether refinancing would produce a lower interest rate; the staff member said there might not be a rate reduction but that the revised structure contains conditions intended to be better for both the town and the bondholders. Commissioners also asked whether additional similar refinancings would be likely; the staff member said the creation of a third TIF district is intended to avoid needing the same kind of refinancing again, though future issuances within that third TIF district remain possible. Members also asked for confirmation that 262 units was the anticipated unit count; staff said that number was not expected to change given the project’s development-stage design documents.

Votes at a glance: - Motion to approve minutes from June 5, 2025: moved and seconded; voice vote recorded as "aye"; motion carried. - Resolution 2025-02, "A resolution of the Town of Whitestown Economic Development Commission approving and authorizing certain actions and proceedings with respect to certain proposed economic development revenue and refunding revenue bonds": motion to pass made, seconded, voice vote recorded as "aye"; motion passed.

What the resolution does: The staff summary presented the resolution as authorizing refunding of original Bridal Oaks bonds and issuance of new bonds to support the Mills on Main TIF and a tract for Phipps Lane completion. Staff said the total authorized amount under the documents would be a maximum of $17,500,000. The staff member noted a corrected exhibit replacing the misspelled “Phillips Lane” with the accurate street name, Phipps Lane.

Next steps and limits: The presenter said the redevelopment commission and town council would also consider creation of the TIF districts and related approvals. The commission’s vote authorized the town to proceed with the bond proceedings described in the resolution; it did not itself build infrastructure or change zoning. The presenter said existing developments in the pledged area—Meadows on Main, Trullo Homes and other properties—are part of the background of the original pledge area that the refunding would address.

The meeting adjourned after the vote.