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Boone County approves refunding of TIF‑backed revenue bonds and $1 million forgivable loan option for developer
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Summary
The Boone County Board of Commissioners approved Resolution 2026‑04 to refund certain 2013 and 2015 revenue bonds (TIF‑backed), authorizing up to $19 million in new bonds and a conditional, forgivable $1,000,000 loan to Browning for a road extension if Whitestown proceeds with a community project.
The Boone County Board of Commissioners approved a resolution on April 13 authorizing refunding of certain 2013 and 2015 revenue bonds linked to a tax increment financing (TIF) area and allowing a conditional $1,000,000 forgivable loan to a private developer for infrastructure tied to a Whitestown project.
Bob Clutter, speaking for the county’s redevelopment interests, told the commissioners the bonds carry roughly 6 to 6.5 percent rates and the county has obtained lower quotes. "There’s gonna be some significant cost savings," Clutter said, and he estimated savings "over the next 8 years, as much as 15 to 16,000,000 dollars." He said the TIF area is scheduled to expire in 2034 and that the refunding plan would ensure any new bonds also expire within eight years.
Clutter described two outcomes: if Whitestown does not proceed with a proposed community project, excess TIF revenues would be used to pay off the bonds early; if Whitestown does proceed, the county would pledge excess TIF revenues to that project. He also described a separate economic‑development measure: instead of a prior $1,000,000 draw bond tied to Duke (now Browning), the county would issue a $1,000,000 forgivable loan to Browning to fund a road extension for a new building, funded from TIF proceeds. Clutter said Browning has until Dec. 31, 2030 to decide whether to build the road; if it does not, the $1,000,000 would go to bond repayment.
The resolution text, read at the meeting, states the bonds shall not exceed $19,000,000. A commissioner moved the resolution, which passed on a voice vote.
Why it matters: refunding the bonds could lower the county’s interest expense and free TIF revenue either to retire debt earlier or support a Whitestown development that would use the pledged excess TIF proceeds. The Board’s action also modifies prior tri‑party arrangements by removing a paragraph tied to the earlier draw bond and replacing it with the forgivable‑loan approach.
What’s next: Clutter said Whitestown must also approve any pledge of excess TIF revenues tied to its community project; implementation will proceed through the redevelopment commission and any required town approvals.
Sources and context: The account and direct quotes come from the redevelopment presentation read into the record by Bob Clutter during the April 13 commission meeting. Details about interest‑rate quotes were described verbally by Clutter (he used the phrase "quotes in the 0 fours"); the transcript does not provide an exact numeric conversion of that phrase. The resolution was identified in the meeting as "Resolution 2026‑04" and the motion passed as read.
