Kokomo Tribune; Kokomo, Indiana

Local News

November 20, 2013

Council approves issuing parking garage bonds

Apartments will rent for $1 per square foot.

The Kokomo Common Council approved issuing up to $12 million in bonds to pay for a parking garage and apartment complex in downtown.

Council members voted unanimously Monday to issue the bonds for the project that will be on the west side of Union Street between Sycamore and Walnut streets.

Several banks have expressed interest in purchasing the bonds, which will be repaid in five years. Closing on the sale of the bonds is expected within the next 30 days.

The anticipated interest rate on the garage, which is tax exempt, is 2.4 percent and for the taxable apartments is 3.4 to 3.5 percent.

Scott Baldwin with Baldwin Companies said the apartments will lease for $1 per square foot per month.

“There are several different floor plans of 600 to 800 square feet,” Baldwin said.

He said there will be two or three units of 1,200 to 1,300 square feet for a two-bedroom unit with two bathrooms.

“We’re seeking young professionals to locate in the downtown,” Baldwin said. “All of the feedback has been positive.”

Baldwin said as the project stabilizes, developers will look differently at downtown Kokomo.

The structure will consist of a four-story parking garage costing no more than $9 million with a 35-unit apartment complex on top costing $4 million.

The city is considering appropriating up to $3 million from its cash reserves toward the parking garage project, city officials said earlier this month.

Lawrence McCormack, Kokomo city attorney, said the bond will be repaid using rents collected on the units and the city’s share of the 1 percent economic development income tax revenues (EDIT).

The garage will consist of 396 parking spaces with 43 reserved for the apartments. The plan is to allow two-hour free parking on the first floor and all-day parking on the second through fourth floors at no cost.

The council action came after the Kokomo Redevelopment Commission accepted the property from the city and transferred it to the North Union Street SPE, Inc., a subsidiary of the Kokomo Community Development Corp.

The three members of the Kokomo Community Development Corp. are Bob Stephenson, president; Joseph Link, vice president and Jennifer Lerche, secretary/treasurer.

McCormack said the Redevelopment Commission will lease the parking garage and co-lease the apartments.

Text Only | Photo Reprints
Local News
  • Question Time: Name a baby (or babies) today

    “Imagine you’re having a baby (or babies) today. What would you name it (or them) and why? (You can give answers for a girl, a boy or both; and any combination for twins, triplets, etc.)”

    April 20, 2014

  • 400SUnion.jpg Counties move forward with flood mitigation one year later

    One by one, properties were bulldozed from the neighborhood between Carter and Murden streets in downtown Kokomo, physically erasing evidence of residential flooding in an area long prone to it.

    April 20, 2014 1 Photo

  • Flooded area - E Murden 01 Jaimz family seeks closure after losing everything Ashley Jaimz and her sister, Amanda Urbina, took a drive through the Cedar Crest neighborhood the other day to view how residents were faring in the wake of a Nov. 17 tornado. The drive was intended to provide some closure to Jaimz, who is still stru

    April 20, 2014 1 Photo

  • NWS - FEMA 03 Kokomo resident whose basement collapsed during flood repairs own home

    Walter Raderstorf can still remember sitting in his living room inside his home on West Park Avenue, realizing he had escaped a brush with death. “I was in the basement carrying stuff up and I came in here and sat down,” he said. “It wasn’t 30 second

    April 20, 2014 2 Photos

  • Late Kokomo teacher dedicates estate to foundation Longtime Kokomo School Corp. teacher Holly Kirkpatrick will continue to have a positive impact on students thanks to a $38,000 donation from her estate to the Kokomo Public Schools Education Foundation. Kirkpatrick died in November 2012 after teachin

    April 20, 2014

  • flood anniversary Thomas family ready to move on after flood In the Thomas household, few things take precedent over baseball. You’d be hard-pressed to find a couple more dedicated to youth baseball in Kokomo — or anywhere else for that matter — than Michael and Lashanda Thomas, who have passed that love of th

    April 20, 2014 1 Photo

  • EasterEgg hunt 10 'Controlled chaos' at city's Easter egg hunt With buckets and Easter baskets in hand, hundreds of kids 10 years old and younger packed Kokomo's Northwest Park Saturday to see who could grab up the most Easter eggs. Organizers split the kids up in three age groups, 0 to 3, 4 to 6 and 7 to 10, wi

    April 20, 2014 4 Photos

  • NWS-FloodFollowDay2-15.jpg April flood brought people together to bail out community

    [Editor’s note: On April 19, 2013, a record flood hit Howard and Tipton counties. Today, we look at some of the financial aspects of the flood. In Sunday’s edition, look for stories about people who were affected, what has changed in the floodplains and how the communities are moving forward.]

    April 19, 2014 1 Photo

  • NWS-KT041914-TwoinjuredinMiamiCocrash-CLG-pic.jpeg Two injured in Miami County crash

    PERU — Two people were injured Thursday afternoon in a two-vehicle crash at the intersection of U.S. 24 and Ind. 19.

    April 19, 2014 1 Photo

  • Farmer loses seat belt fight on appeal

    Denver-area farmer Thomas Fox doesn’t like to wear his seat belt.
    But after his lengthy fight with the Indiana courts over a seat belt violation, Fox may be rethinking his stance.

    April 19, 2014

Latest news
Featured Ads
Only on our website
AP Video
Raw: More Than 100,000 Gather for Easter Sunday Raw: Greeks Celebrate Easter With "Rocket War" Police Question Captain, Crew on Ferry Disaster Raw: Orthodox Christians Observe Easter Rite Ceremony Marks 19th Anniversary of OKC Bombing Raw: Four French Journalists Freed From Syria Raw: Massive 7.2 Earthquake Rocks Mexico Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Deadly Avalanche Sweeps Slopes of Mount Everest

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.