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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 development agreement that called for $1.5 million in revenue bonds. After reviewing financing options and available cash balances, staff and consultants recommended using cash and the forgivable-loan mechanism so the project achieves the same financial effect without the expense of issuing debt.
“As we went through the process and worked with the financial consultants, we do have cash on hand that we could utilize for this $1,500,000,” Todd said. He added that the mechanism permits protections if the funds are misused and that the approach does not change the economic terms previously approved in the development agreement.
Derek Naber, vice president with New City Development, told the commission the project is within weeks of breaking ground. “We are working hand in hand with Whitestown staff on the civil design of the overall project,” Naber said, adding that construction drawings are about 75% complete and Boone County drainage-board approval had been received in October.
A motion to approve Resolution 2025-17 carried unanimously.
