Kokomo to establish redevelopment authority
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The City of Kokomo is establishing a redevelopment authority to aid the existing Kokomo Redevelopment Commission in its mission to bolster the city’s identity and remove blight in exchange for new projects.
The city’s common council unanimously passed an ordinance in late February greenlighting the new authority, which is a body separate from the city serving as an instrumentality to serve the public.
A central focus of the Kokomo Redevelopment Commission is its creation of the Riverfront Development District, which seeks to remove barriers to development and build regional appeal through quality of place adjustments and new projects. In 2022, it also approved about $33 million in bonds for infrastructure improvements surrounding the joint venture development between Stellantis and Samsung SDI.
A redevelopment commission can be created to identify areas, prompt studies and investigate the best use of proposals and land up for development. The newly formed redevelopment authority will differ by acting as a fiscal agent established to assist in financing projects to lease to the commission.
Similar to the commission’s composition, the authority will be governed by a three-person board appointed by the mayor. Those board members will serve three-year terms.