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Padgett Commons to receive $1.5 million from Whitestown RDC as forgivable loan instead of bonds
Summary
The commission approved Resolution 2025-17 to fund Padgett Commons with cash-on-hand via a forgivable loan rather than issuing $1.5 million in economic development revenue bonds. New City Development said site work is nearly ready and a groundbreaking is expected in weeks.
The Whitestown Redevelopment Commission on Nov. 3 approved Resolution 2025-17 to fund certain portions of the Padgett Commons project using $1.5 million in cash held by the RDC, structured as a forgivable loan rather than issuing economic development revenue bonds.
Todd (staff) explained that the project was originally approved in an economic…
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