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Kokomo City Council hears title-only reading of ordinance to authorize TIF bonds for District Flats
Summary
At a council meeting, members heard a title-only reading of Ordinance 71-82, which would authorize taxable economic development tax-increment revenue bonds, series 2025, to support the District Flats project; no vote was taken.
The Kokomo City Council heard a title-only reading of Ordinance 71-82, which would authorize the issuance of Kokomo City taxable economic development tax-increment revenue bonds, series 2025, to support the District Flats project. The ordinance title was read by the clerk and presented to council by Councilman Mickle; no vote or final action was recorded in the transcript.
The ordinance, as read aloud, would authorize issuance of “taxable economic development tax increment revenue bonds series 2025 for the District Flats project” and authorize lending the bond proceeds to a borrower and related actions. Councilman Mickle began presenting the ordinance by stating, “I would like to present Ordinance 71-82.” The clerk read the ordinance title by title only; the transcript does not record further debate, amendments, or a vote on the measure.
The council meeting also included an acknowledgement that the Kokomo Redevelopment Authority delivered its annual report to the mayor and that the council had received that document. Earlier in the meeting the council approved the minutes from its prior meeting by voice vote; the clerk called for those in favor and the assembly responded “Aye,” and the motion carried.
Because the transcript records only the title reading and the initial presentation, the ordinance remains at the introduction stage in the record provided. The title reading identifies the financing mechanism (tax-increment revenue bonds) and the named project (District Flats), but it does not disclose a bond principal amount, repayment terms, the identity of the borrower, or the next scheduled step for council consideration. Those details were not specified in the transcript.
If council members schedule further consideration, the ordinance likely will need additional readings or a formal motion and vote before bonds could be authorized. The transcript does not indicate a date for any subsequent action on Ordinance 71-82.
