City structures forgivable TIF loan for BCG project

The City of Kokomo is entering into a Forgivable Loan Agreement with Brown Capital Group Contracts, LLC to fund a taxable economic development revenue note for a 192-unit multifamily project in the BCG Economic Development Area. The TIF-backed loan is secured by a junior mortgage and may be fully forgiven at maturity if project performance and compliance conditions are satisfied.

Scope & details

The full contract record, as filed.

Contract amount

$________ (up to $________, principal not to exceed $________)

Contract type

FINANCIAL_SERVICES

Contract term

Maturity date __________, 203__ (Series 2026 Note) with loan agreement dated as of ________ 1, 2026

Renewal

Loan is forgivable in full at maturity if all Conditions to Forgiveness in Section 2.6 are met, including timely project completion, continuous operation, infrastructure compliance, and no defaults. City may also grant partial or total early forgiveness at its sole discretion; failure to meet conditions causes the note to become immediately due and not subject to forgiveness.

Document type

AgendaPacket

Source document

City of Kokomo Common Council Agenda Packet 2026-05-18

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City of Kokomo AgendaPacket Kokomo Common Council Meeting 2026-06-08

APPROVED

City of Kokomo, IndianaBonds not to exceed $4,800,000 and forgivable notes not to exceed $2,760,000Jun 8, 2026

City of Kokomo Common Council Agenda Packet 2026-05-18

PENDING

City of Kokomo, Indiana$________ (original principal of Series 2026 Note)May 18, 2026

Kokomo Common Council Agenda 2026-05-18

PENDING

City of Kokomo, Indiana$10,000,000 (project cost; loan principal amount blank)May 18, 2026

City of Kokomo AgendaPacket Meeting Agenda and Ordinances 2025-06-08

APPROVED

City of Kokomo, IndianaBonds not to exceed $4,800,000; forgivable notes not to exceed $2,760,000Jun 8, 2025

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.

What type of contract is this?

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

Where was this contract approved?

This contract appears in City of Kokomo Common Council Agenda Packet 2026-05-18 (AgendaPacket), 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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