Initial Whitestown Crossing bond at $13 million requested

Whitestown - The first reading to issue up to $13 million in bonds to the Whitestown Crossing project was held Tuesday night.

Valenti-Held, a contractor developer company and supporter of Whitestown, requested bonds be issued to complete the development at the Whitestown Town Council meeting. Two more public readings are required before the bond issue becomes official.

The proposed mixed-use development project will be approximately 90 acres and will be located on the west side of Interstate 65, north and south of Indiana 267. Planned development will include hotels, restaurants, office space, retail, supermarkets, a bank and a gas station. The land has more than $32 million in assessed value and will create over 850 new jobs.

Of course, such a development cannot be placed in the county without other work. To make this project work, road improvements will be needed, Valenti-Held said. A main extension of sewer and water and a storm water management system will need to be in place as well.

Total project costs have been approximated at $12 million with another $10 million in Tax Increment Financing bonds and capitalized interest. The TIF bonds would go to fund the infrastructure improvements.

Valenti-Held CFO Michael Janson said these bonds are necessary to complete this project to the benefit of his company and the town. If bonds were not issued other avenues such as raising taxes would be needed to fully fund the project.

"It will help promote the gateway to Whitestown with orderly growth and a premier development," Janson said. "The Indianapolis Road improvements will benefit more than just Whitestown Crossing."

Boone County Councilman Steve Jacob spoke to those in attendance and eased their concerns somewhat, assuring them that even if everything in this deal were to fall apart after the bonds were issued, it would not have a negative financial impact on the taxpayers.

"Even if Valenti-Held ... or Whitestown ran out of money, there is no way this can ever impact the tax payers negatively," Jacob said.

While Whitestown's future expansion is currently in question, this does not affect the development at Whitestown Crossing as the Boone County Area Plan Commission handles this type of development for the town. The land has been rezoned from light industrial to general business, but there are several more stages in the planning process to complete before ground can be broken.