Council approves Trace Commons allocation area, clearing way for developer-backed bonds

The Westfield City Council approved Resolution 26-146 by a 5-1 vote, creating a project-specific tax-increment finance (TIF) allocation area for the Trace Commons development along State Road 32 and Shady Nook.

Janelle Fairman, Executive Chief of Economic and Community Development, told the council the measure amends the declaratory resolution to include three parcels in the Eastside Economic Development Area and formally create the Trace Commons allocation area as the third step in a four-step process. She said the public-private partnership would use a developer-backed bond structure with a 60/40 split: 60% to the developer and 40% retained by the city. Fairman said the city plans to use $1,000,000 of its 40% share toward a roundabout at State Road 32 and Shady Nook and described other public improvements including trail and plaza enhancements tied to the Midland Trace Trail.

Council and staff clarified that the council was approving the allocation area only, not the project or bond documents; the project and any bond issuance would return to the redevelopment commission and council for separate approvals. Councilor Victor McCarty moved to approve the resolution; Councilor John Dart seconded. On roll call, the motion passed 5-1 with Councilor Joe Depner voting no.

Fairman said the allocation area is intended to be project-specific and contiguous to the existing Eastside EDA as required by state law; staff noted exhibits showing the broader EDA will be included in later confirmatory materials. The PUD for the project has already been approved, Fairman said, and she asked councilors to reserve detailed bond questions for a future bond-approval agenda when bond counsel and related exhibits are present.