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Council approves TIF-backed bonds and forgivable notes for Fairway multifamily projects
Summary
The Common Council approved Ordinance 72-10 on second reading to permit up to $8 million in taxable TIF-backed bonds and up to $5 million in forgivable notes to support the Fairway Core and Fairway Forward multifamily projects; the financing is structured as limited obligations payable from project revenues and tax increment.
KOKOMO, Ind. — The Kokomo Common Council on second reading approved Ordinance 72-10, authorizing the issuance of taxable economic development tax-increment revenue bonds (not to exceed $8 million) and taxable economic development revenue notes (not to exceed $5 million, on a forgivable basis) to support multifamily development identified as the Fairway Core and Fairway Forward projects.
What the ordinance does: The ordinance authorizes the City of Kokomo to permit the Economic Development Commission to issue and pledge tax-increment revenues to finance portions of the projects. The ordinance states the…
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