FINANCIAL_SERVICESPENDING

Kokomo Common Council Agenda 2026-05-18

City structures forgivable TIF loan for BCG housing project

$10,000,000 (project cost; loan principal amount blank)City of KokomoBROWN CAPITAL GROUP CONTRACTS LLCMay 18, 2026

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Description

The City of Kokomo and Brown Capital Group Contracts, LLC have negotiated a forgivable loan agreement under which the City will fund a taxable economic development revenue note for a 192-unit multifamily project using TIF revenues, secured by a junior mortgage. The loan, tied to an anticipated $10 million project cost, may be fully forgiven at maturity if detailed performance and compliance conditions are satisfied.

Contract Details

Contract Amount

$10,000,000 (project cost; loan principal amount blank)

Vendor

BROWN CAPITAL GROUP CONTRACTS LLC

Agency

City of Kokomo, IN

Contract Type

FINANCIAL_SERVICES

Document Date

May 18, 2026

Contract Term

Loan funded in draws under Series 2026 Note; maturity on __________, 203__ with potential forgiveness at maturity

Renewal Info

Single-term economic development loan evidenced by the Series 2026 Note, forgivable in full at its maturity date if specified conditions are met; no automatic renewals described. Early partial or full forgiveness is at the City’s sole discretion upon borrower request.

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