Council adopts ordinance authorizing $17 million refunding for Anson TIF; forgivable $1M road loan tied to new building

Bob Clutter, speaking for the Redevelopment Commission, told the council the ordinance would refinance outstanding 2013 and 2015 Anson-area bonds "totaling about $17,000,000," shorten maturities to the TIF expiration and capture interest savings.

"The primary reason is interest savings," Clutter said, adding the refunding could lower interest by about 2 percentage points and yield "about half $1,000,000 in extra TIF proceeds." He described the structure as eight-year notes timed to the Anson allocation expiration in 2034 and said bond purchasers would rely on the strength of the TIF area rather than government backup.

Clutter explained one 2015B instrument is a draw bond with about $1,000,000 remaining; under the refinancing plan that amount would be converted to a forgivable loan to Browning for construction of an access road and would be paid out only if the developer builds the identified additional building (referred to as Building 11) by December 2030. If not, the $1,000,000 would revert to the TIF fund.

Council members moved to suspend the rules so the ordinance could be adopted before the negotiated bond sale closes May 28; the motion to suspend the rules carried and Ordinance 2026-O3 passed at the meeting.

Nut graf: The ordinance allows the county to refinance existing development debt tied to the Anson TIF area to reduce debt service costs and free recurring TIF proceeds for either earlier payoff or a planned community project; it also embeds a conditional forgivable loan that links road funding to private development.

Supporters cited interest-rate savings and potential community development benefits; questions from council members focused on the lack of county or municipal backup on the issue and the contingency tied to the $1,000,000 draw portion. Clutter said the redevelopment commission and economic development commission had both approved the plan on April 17 and that White‑town (municipal partner) intended to take similar action the following night.

The council voted to adopt the ordinance. The ordinance authorizes issuance of taxable economic development revenue notes series 2026 to Browning Duke LLC and directs related actions to finalize the negotiated sale. The council did not record any separate amendment to the ordinance during the meeting.

Ending: The county said the negotiated sale is scheduled to close before the next regular meeting; Whitestown and the redevelopment commission actions were noted as parallel steps.