Whiteland redevelopment commission approves bond-backed lease to fund Bob Litton Boulevard roundabout

The Whiteland Redevelopment Commission voted 5-0 on Sept. 11 to adopt two resolutions authorizing a bond-backed lease through a newly formed redevelopment authority to finance a roundabout on Bob Litton Boulevard.

The action authorizes the parallel documents that will allow the redevelopment authority to issue bonds of not more than $2,750,000, with annual lease payments capped at $400,000, an interest-rate cap in the documents of roughly 6–6.5 percent and a maximum term of 12 years, according to town bond counsel Jacob Bowman.

The financing uses a common Indiana structure: the town ground-leases the project to the redevelopment authority, which issues bonds and then leases the project back to the town. On that arrangement, Bowman said, "the redevelopment authority... is like a building corporation essentially for you all" and explained that the authority issues bonds while lease payments are payable from property tax or other appropriated town revenues. He added that "because the TIF isn't a hard pledge in these bonds, it doesn't start the 25 year clock on TIF."

Commissioners and staff discussed funding sources and timing. Town staff said the primary planned source for payments is TIF revenue, and recommended processing payments through the redevelopment commission claims docket so disbursements remain under commission control. Adam Stone, the town's municipal adviser, will assist with marketing the bonds once the commission signs the lease documents.

If the commission's approvals are signed, the town's timeline calls for a public notice that starts a 30-day objection (remonstrance) period. Bowman said the town expected a bond sale after that period and estimated closing in mid-November, with the first lease payment likely due in July of the following year.

Commission discussion touched on several financial questions: commissioners asked whether the financing could include uneven or balloon payments and whether the $400,000 annual cap was necessary; staff said the cap was a conservative parameter and actual annual payments are expected to be lower. Staff also told the commission there is remaining design and inspection work for the roundabout (staff said the balance for design/engineering and inspection was about $175,000) and discussed whether to reimburse preliminary expenses from bond proceeds or pay from cash on hand.

The commission approved Resolution 2025-05 (project lease) and Resolution 2025-06 (authorizing financial documents) by roll-call vote (Carol — yes; Amanda Trimble — yes; John Vinter — yes; Brian Webb — yes; David Hawkins — yes). Those approvals complete the local authorization steps; the bond-sale schedule and any final repayment amounts will be set at pricing and memorialized in post-pricing lease addenda.

Next steps: staff will publish the notice that begins the 30-day remonstrance period, coordinate bond marketing with the municipal adviser, and return final documents for signatures ahead of the planned sale and closing.