Council approves $7.25M developer-backed bonds for Gateway Lantern Commons

The Westfield City Council voted 7–0 to adopt Ordinance 26-30, authorizing the issuance of developer-backed economic development revenue bonds to support the Gateway at Lantern Commons project. City staff described the site at the northwest corner of 161st Street and Westfield Boulevard as a mixed-use parcel with 102 multifamily units and 29,000 square feet of commercial space, and an estimated project investment of about $30,000,000.

Janelle Fairman provided the project overview and said, "This is approximately a $30,000,000 investment." Attorney Dustin Meeks of Barnes & Thornburg told the council the ordinance authorizes economic development revenue bonds payable from tax increment in the gateway allocation area. "This ordinance approves the issuance by the city of economic development revenue bonds . . . in the amount of $7,250,000, with a term on the bonds of 25 years at an interest rate not to exceed 9%," Meeks said. Meeks also said the ordinance approves a trust indenture and a financing and loan agreement to direct bond proceeds to the developer.

Council president Patrick Tam moved for adoption after staff questions; with no further discussion the clerk called the roll and the motion carried 7–0. The ordinance was approved on second reading this evening and is now adopted. Next procedural steps include finalization of the financing documents and any required filings with the redevelopment commission and bond counsel.