City structures forgivable TIF loan for BCG housing project

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.

Scope & details

The full contract record, as filed.

Contract amount

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

Contract type

FINANCIAL_SERVICES

Contract term

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

Renewal

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.

Document type

Agenda

Source document

Kokomo Common Council Agenda 2026-05-18

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Kokomo?

Brown Capital Group Contracts Llc was awarded this financial services contract by City of Kokomo, as recorded on May 18, 2026. The contract value is $10,000,000 (project cost; loan principal amount blank).

How much is the Brown Capital Group Contracts Llc contract with City of Kokomo worth?

The Brown Capital Group Contracts Llc contract with City of Kokomo is valued at $10,000,000 (project cost; loan principal amount blank), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agenda record.

Where was this contract approved?

This contract appears in Kokomo Common Council Agenda 2026-05-18 (Agenda), dated May 18, 2026 from City of Kokomo. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Brown Capital Group Contracts Llc hold?

Brown Capital Group Contracts Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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