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Kokomo redevelopment commission establishes 11.51-acre TIF to support 192-unit Brown Capital project
Summary
Councilman Stevenson reported the redevelopment commission created the BCG Economic Development Area, an ~11.51-acre tax increment finance (TIF) district to support a proposed 192-unit, $45.7 million residential development by Brown Capital Group Contracts LLC; three resolutions were passed to finalize the district, council was briefed but took no further action at this meeting.
Councilman Stevenson told the Kokomo Common Council that the City and the redevelopment commission have formally established the BCG Economic Development Area, “an approximate 11.51 acre tax increment finance district located on the Northwest side of the city.”
The report said the district is intended to catalyze private investment and address gaps in local public improvements that would otherwise hinder development. Stevenson identified the primary beneficiary as a proposed large-scale multifamily project by Brown Capital Group Contracts LLC, describing it as a 192-unit residential complex with a reported total capital investment of approximately $45,700,000.
Stevenson told the council that a series of resolutions — three, as read into the record — were passed in late 2025 and early 2026 to finalize the district. The report did not include specific incentives or the TIF capture schedule; no ordinance or final council vote on incentive agreements was recorded in the provided transcript.
The item was delivered as an informational committee report. Council did not take a separate formal vote on incentives or on any development agreements during the session. The redevelopment commission’s action and the developer name were reported to the council for awareness and record.
Next steps were not specified in the transcript; the report indicates the matter advanced at the redevelopment commission level and that implementing steps (such as incentive agreements, developer performance provisions, or detailed financing plans) would be handled in subsequent proceedings not recorded here.
