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Council approves Pleasant Brook TIF area, backs $11 million bonds for multifamily project
Summary
The Kokomo Common Council adopted a declaratory resolution establishing the Pleasant Brook Economic Development Area and approved first reading of a bond ordinance to issue up to $11 million in taxable TIF-backed bonds to support a roughly $26 million, two-phase multifamily development.
The Kokomo Common Council on a unanimous vote adopted Declaratory Resolution 28-49 to establish the Pleasant Brook Economic Development Area and approved on first reading Ordinance 72-04 to authorize taxable economic development tax-increment revenue bonds to fund a new multifamily development.
The resolution and ordinance matter because they clear the way for a private developer to receive financing supported by tax increment financing (TIF) revenues tied to the Pleasant Brook area. Councilwoman Sandberg said the project "has the estimated total developer capital investment is approximately $26,000,000" and described a two‑phase plan with…
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