Commission hears TIF update: new North State Road 135 district recorded, $13.49M bond note due June 30
March 10, 2026 | Greenwood, Johnson County, Indiana
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Commission staff presented the monthly TIF and bond update at the Greenwood Redevelopment Commission’s March 2026 meeting, reporting that a newly recorded TIF for North State Road 135 will not generate incremental revenues this year and that a 2021 central bond anticipation note with $13,490,000 principal comes due June 30.
Adam, a staff member presenting the financial report, said the Johnson County auditor’s office is preparing 2026 tax billings and that staff are reviewing deductions and credits from SEA 1 (2025). He said, “The majority of the adjustments were abatement related,” and that staff have circulated a first draft of the TIF management report due April 15.
Adam told commissioners that the North State Road 135 TIF was recorded Feb. 10 and that although the district’s base has been set, there are currently no incremental assessed values, so there will be no incremental TIF revenues collected this year. Commissioners asked whether the district is expected to begin producing TIF revenue this year; Adam reiterated that no incremental assessed value exists at present.
On the outstanding financing, Adam said the 2021 central bond anticipation notes, which funded public improvements for the 523 South Madison project (roadway connections, street parking and a parking garage among them), will mature June 30. He said staff are preparing a term sheet and plan to solicit competitive bids from a list of institutions, typically accepting the proposal with the lowest net interest cost. “It is in the city's best interest to…get a good competitive market rate for the permanent loan,” Adam said; he noted current market rates are generally higher than those in 2021.
Adam also said staff are reviewing a remaining central TIF obligation and considering a wrapped scenario as one alternative for structuring repayment; he said coverage tests are sufficient under current modeling but the team is weighing pros and cons.
What’s next: staff will finalize the TIF management report for submission, release a competitive term sheet for the refinancing effort in the coming weeks, and return updates to the commission as results are known.
Adam, a staff member presenting the financial report, said the Johnson County auditor’s office is preparing 2026 tax billings and that staff are reviewing deductions and credits from SEA 1 (2025). He said, “The majority of the adjustments were abatement related,” and that staff have circulated a first draft of the TIF management report due April 15.
Adam told commissioners that the North State Road 135 TIF was recorded Feb. 10 and that although the district’s base has been set, there are currently no incremental assessed values, so there will be no incremental TIF revenues collected this year. Commissioners asked whether the district is expected to begin producing TIF revenue this year; Adam reiterated that no incremental assessed value exists at present.
On the outstanding financing, Adam said the 2021 central bond anticipation notes, which funded public improvements for the 523 South Madison project (roadway connections, street parking and a parking garage among them), will mature June 30. He said staff are preparing a term sheet and plan to solicit competitive bids from a list of institutions, typically accepting the proposal with the lowest net interest cost. “It is in the city's best interest to…get a good competitive market rate for the permanent loan,” Adam said; he noted current market rates are generally higher than those in 2021.
Adam also said staff are reviewing a remaining central TIF obligation and considering a wrapped scenario as one alternative for structuring repayment; he said coverage tests are sufficient under current modeling but the team is weighing pros and cons.
What’s next: staff will finalize the TIF management report for submission, release a competitive term sheet for the refinancing effort in the coming weeks, and return updates to the commission as results are known.
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