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Commissioners approve preliminary Fairgrounds financing, open 30‑day objection period
Summary
Hendricks County approved a preliminary determination to enter a 20‑year lease and bond financing for an expansion of the Fairgrounds with a maximum principal of $19.5 million and a maximum annual lease rental of $1.7 million; the measure begins the statutory 30‑day remonstrance period.
HENDRICKS COUNTY — County financial advisers told the Board of Commissioners that a proposed expansion of the county fairgrounds is being financed with a maximum principal bond amount of $19,500,000, a maximum annual lease rental of $1,700,000 and a 20‑year term. Greg Guerrettaz of Financial Solutions Group and attorney Adam Steuerwald (Barnes & Thornburg) said the bond principal and lease amounts are maximums and the final size will be set by competitive bids.
Commissioner Dennis W. Dawes said the county will cover the lease rental shown and that "in essence, the County subsidizes this Project." The board opened the required 30‑day objection period and approved Resolution No. 2026‑26 making a preliminary determination to enter into a lease payable from ad valorem taxes (vote 3‑0‑0). Adam Steuerwald then presented a Third Amendment to the lease and Resolution No. 2026‑27; there were no remonstrators and the board approved the amendment, which also begins its 30‑day objection period.
The presenters clarified that statute requires only a 10‑year debt‑service projection to be shown during the preliminary hearing and that the projected figures assume level debt service, subject to changes as other debt is added or retired. A member of the public asked why only ten years were shown; officials responded that the law requires a ten‑year projection. The county moved both resolutions forward as part of the statutory public hearing process.
