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EDC votes to approve TIF-backed financing for Heritage Hub hotel
Summary
The Pendleton Economic Development Commission unanimously approved Resolution 2026-01 to authorize bond, loan and trust indenture documents for the Heritage Hub hotel project, noting the debt service will be paid from tax-increment revenues tied to the project.
The Pendleton Economic Development Commission voted unanimously to approve Resolution 2026-01, authorizing the form of a trust indenture, a loan agreement and a bond ordinance to support financing for the Heritage Hub hotel project.
Catherine Fanello, public finance attorney with Dinsmore and Scholl, told the commission that the bonds would be funded by tax-increment revenues and that "there's nothing else pledged by the town except for the tax increment." The commission recorded a motion, a second and then several ayes; the chair announced unanimous approval.
The resolution formalizes the EDC's finding that the proposed financing complies with the cited Indiana code and that the financing will benefit the town's general welfare. Fanello said the documents also include covenants and representations to hold the developer to completion standards for the project.
Staff noted the commission will need signatures on the project report and resolution if the body chooses to move forward and that further TIF allocations could be created in the future for additional phases of development.
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