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Boone County approves forgivable loan framework to attract Willoughby Industries' relocation
Summary
The Boone County Redevelopment Commission approved Resolution 2026-08 to authorize use of expiring TIF revenues and a performance-based forgivable loan to support Willoughby Industries’ planned $6 million relocation, a vote that followed an Economic Development Commission recommendation.
Boone County Redevelopment Commission members voted to authorize use of TIF revenues and the form of a forgivable, performance-based loan to support Willoughby Industries’ planned relocation and expansion in Scienceville.
Andrea Kern of the Boone Economic Development Commission introduced "Project Lock," saying Willoughby — a family-owned Central Indiana manufacturer of commercial plumbing fixtures and water-management systems — proposes to invest about $6 million in the site, including roughly $4 million in building improvements and $2 million in equipment. Kern said the company expects to retain more than 200 full-time positions and create approximately 125 new Boone County jobs at projected average wages of about $34 per hour.
Under the loan terms Kern described, the county would contribute excess TIF revenues into a performance-based forgivable loan paid in up to three annual reimbursements not to exceed $250,000 per year. Kern said the loan proceeds would be used for building improvements, dock doors and paving at the site, and that the EDC will review the loan next Friday before the county’s second reading scheduled Aug. 11.
Chair (S1) recommended approval of Resolution 2026-08, "a resolution of Boone County Redevelopment Commission authorizing use of revenues and approving the form of the loan agreement." The commission moved and members voiced their approval.
The commission’s action authorizes the loan framework and the form of the agreement; final loan disbursement would depend on a subsequent loan agreement and the EDC’s final recommendation. Kern said the company must meet job and wage thresholds in the agreement; the loan is structured to be forgivable based on performance against those commitments.
