Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council adopts Fairway 4 redevelopment plan, advances bond ordinance on first reading
Summary
The Kokomo Common Council adopted Resolution 28-50 establishing the Fairway 4 Economic Development Area and passed Ordinance 72-10 on first reading to authorize up to $8 million in taxable economic development revenue bonds and up to $5 million in forgivable notes to support a proposed multifamily project by Fairway 4 Development LLC.
The Kokomo Common Council adopted Resolution 28-50 and approved Ordinance 72-10 on first reading to support a proposed multifamily project by Fairway 4 Development LLC.
The resolution establishes the Fairway 4 Economic Development Area and approves an economic development agreement for a multifamily development; the ordinance authorizes the city to issue taxable economic development tax-increment revenue bonds (not to exceed $8,000,000) and forgivable notes (not to exceed $5,000,000) to finance portions of the project.
Councilman Sandberg moved for support of Resolution 28-50 after the clerk read the resolution. Sandberg said the development area would be located on a 13.61-acre parcel at the northwest corner of West Boulevard and South Berkeley Road and that the project would total approximately 216 apartment units, with a first phase of at least 120 units. "I move for support of declaratory resolution 28 50," Sandberg said. The council approved the resolution by voice vote.
Councilman Miklick presented Ordinance 72-10 on first reading. The ordinance states the city may issue taxable economic development bonds in an aggregate amount not to exceed $8,000,000 and forgivable notes in an aggregate principal amount not to exceed $5,000,000; it also says the redevelopment commission will pledge certain tax-increment revenues to fund the notes. "I move that we adopt ordinance 72 10 as presented," Miklick said. The council voted by voice to approve the ordinance on first reading.
According to the documents read into the record, the developer estimates the project will provide housing for a range of residents including young professionals and working families. The ordinance text on the record capped interest rates for any such bonds at not to exceed 8% and set a maximum term of 25 years from issuance for bonds referenced in the ordinance. The ordinance also states the bonds and forgivable notes "do not and never shall constitute indebtedness of the city or charge against the general credit or taxing power of the city, but shall be special and limited obligations" of the financing agreements.
City staff and the redevelopment commission conducted a public hearing on the project on Aug. 7 and forwarded the financing proposal to the common council. Copies of the financing agreements, the ordinance and the resolution were stated to be on file in the city clerk's office and available on the city's website.
No roll-call vote totals were recorded in the meeting transcript; both actions were approved by voice vote.
The council indicated copies of the full resolution and related exhibits are available on the municipal website, and the matter will return for later proceedings as required by law and council rules.
