Kokomo City council approves Cottage Community economic area and finances mixed‑use project

The Kokomo City Common Council voted to adopt Resolution 2856, establishing the Cottage Community Economic Development Area and approving an economic development plan and related development agreement with Cooko Cottage Community LLC.

At the same meeting the council approved Ordinance 7240 on first reading, authorizing the city to issue taxable economic development revenue bonds in an amount not to exceed $3,200,000 and forgivable notes not to exceed $1,250,000 to help finance a mixed‑use development in a four‑block area bounded by North Webster Street, West Jefferson Street, North Washington Street and North Clover Leaf Trail. The ordinance caps bond interest at up to 7% and forgivable‑note interest at up to 5% and states the instruments will be special, limited obligations of the city rather than a charge on general city indebtedness.

Councilman Miklick presented Resolution 2856 and moved its adoption; the motion received a second and passed by voice vote. The council likewise moved, seconded and approved Ordinance 7240 on first reading by voice vote; no roll‑call tallies were recorded in the transcript.

Developer Scott Pitcher, who identified himself by name and gave a street address, addressed the council after the ordinance passed. Pitcher described the proposal as “somewhat of a pilot program” to redevelop a functionally obsolete neighborhood between Washington and Webster, including the former Stout Funeral Home, into a mixed‑use area with single‑family homes, multifamily units and commercial space. “We guaranteed the city we would use very good materials,” Pitcher said, adding that the developer hopes to replicate two or three similar projects and that the goal is to provide more affordable housing in the city.

The presenter noted that the indenture and bond documents referenced in the ordinance are available in the meeting packet and on the city website. The ordinance also references Indiana Code 36‑7‑12‑24 as relevant statutory authority for the financing structure.

What the council approved at this meeting were the declaratory resolution and the authorizations needed to proceed with financing and finalize documents. The ordinance delegates authority to the mayor and city controller to sell the bonds and to execute related financing documents, and directs the city clerk to file the declaratory resolution and plan with the permanent minutes. The transcript does not record a cap table, a detailed affordability covenant, nor specific dates for bond sale or closing; those details were described as contained in the financing documents in the packet.

The council took the action by voice vote; the meeting record does not show individual yea/nay tallies. The council adjourned at the end of the session; no further public comment on the Cottage Community project was recorded.