The Metropolitan and Economic Development Committee voted to forward proposals 384 and 385, a consent package that would create the Kennedy Chloe economic development area and authorize developer-backed economic development tax-increment revenue bonds for KTKF Holdings.

Brooke Dunn, an attorney for the developer, said the two projects'the Chloe and the Kennedy'would deliver a combined 52 apartment units. She described the Chloe as a 36-unit project on 14th Street and Dr. Martin Luther King Jr. Street with 21 on-site surface parking spaces and underground stormwater systems; Dunn said the Chloe project began in November 2024 and is scheduled for completion in May 2025. She said the Kennedy is a 16-unit project near the IUPUI campus and that the Kennedy is already complete.

Dunn said the developer is a minority-owned company certified with the city and that the projects include a total of six units reserved to meet the city's affordable-housing requirement (three units at each project). She said the total project cost for Chloe is estimated at $8.5 million and that the portion to be financed with bond proceeds is not to exceed $2,256,000, including costs of issuance.

The developer committed to a 1% contribution of the bond amount to public art through the Indianapolis Arts Council and said it would work with the city and Indigo to make a nearby bus stop ADA-accessible. Dunn also said the projects "expect to meet MBE, WBE, VBE" participation goals and that XBE outreach had been completed in November 2024.

Committee members had no substantive objections on the record; Councilor Delaney announced a conflict of interest and abstained from an initial voice vote, prompting the chair to re-run the vote. On the second vote the chair announced the motion carried.

The transcript records an abstention by Councilor Delaney; the committee chair announced that the motion carries after the re-vote. No roll-call totals were provided in the transcript.