Kokomo council approves $11 million in TIF bonds for Pleasant Brook project

The Kokomo City Council on second reading approved Ordinance 7204 to authorize the issuance of taxable economic development tax-increment revenue (TIF) bonds, Series 2025, to finance part of the Pleasant Brook project. Councilman McGreeky moved for passage and a second was recorded; the ordinance passed by voice vote. The ordinance authorizes up to $11,000,000 in bond financing toward a $26,000,000 development for Pleasant Brook. Councilman McGreeky described the bonds as “pass through bonds” and said, “The City is not responsible for the repayment of the bonds. The developer is responsible, nor do these affect the City's credit rating.” City staff read the ordinance title into the record during the meeting’s second-reading consideration. No council member recorded a roll-call opposition on the voice vote; the clerk announced the motion passed. The ordinance also authorizes other actions “in respect thereto,” as stated in the ordinance title read at the meeting; specifics of any ancillary agreements or the borrower’s identity beyond “the developer” were not specified in the transcript. The approval was taken as a legislative financing action on second reading; the council did not record additional conditions or amendments during the discussion. Any final bond documents, repayment schedules, or developer covenants were not described at the meeting and would be established in subsequent bond-closing paperwork or staff reports.