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Commission approves TIF declaration for District Flats economic development area
Summary
The Planning Commission approved Order 2025-01 declaring the District Flats economic development area and its tax-increment financing (TIF) support for a roughly $17 million, 100-unit project; roll-call vote passed 7–1.
The Kokomo City Planning Commission voted Feb. 11 to approve Planning Commission Order 2025-01, a declaratory resolution establishing a site-specific Tax Increment Financing (TIF) district for the District Flats economic development area.
Staff and counsel described the District Flats project as a proposed roughly $17,000,000 development of about 100 residential units located on South Webster near Rainbow Road and Primrose. Counsel explained the order finds the project is in compliance with the comprehensive plan and noted that the TIF would capture the incremental increase in assessed value attributable to the project’s improvements. Counsel described the site-specific TIF as a financing tool "to finance the $17,000,000 project that's probably not going to be created unless there's a site specific TIF there."
Commission discussion included a reminder of TIF purpose. One commissioner asked whether money from the TIF is intended to be reinvested in businesses within the district rather than spent outside the district or in school districts; counsel and staff confirmed that is the general purpose of a TIF. Commissioners also asked about the statutory duration; counsel said the district follows the general statute and estimated a 20-year term.
The commission conducted a roll-call vote. Miss Barker voted nay; Miss Durham, Miss Stover, Mr. Graves, Miss Jefferson, Miss Rule, Mr. Grague and Mr. Pike voted aye. The chair noted the measure passed 7 to 1. The order will be forwarded to the Common Council for consideration and presentation by Councilman Greg.
