FINANCIAL_SERVICESPENDING

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

City structures forgivable TIF loan for BCG project

$________ (up to $________, principal not to exceed $________)City of KokomoBROWN CAPITAL GROUP CONTRACTS LLCMay 18, 2026

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Description

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.

Contract Details

Contract Amount

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

Vendor

BROWN CAPITAL GROUP CONTRACTS LLC

Agency

City of Kokomo, IN

Contract Type

FINANCIAL_SERVICES

Document Date

May 18, 2026

Contract Term

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

Renewal Info

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.

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