City manager: Bloomington will work with other tax bodies on TIF propsal

Posted on May 10, 2016

East Peoria developer Jeff Giebelhausen is proposing a $50 million hotel for downtown Bloomington. (WJBC file photo)

By Eric Stock

BLOOMINGTON – As a private firm gets to work on the feasibility of offering tax incentives for a downtown Bloomington hotel, city officials are trying to ward off any opposition to the proposed plan from taxing bodies.

St. Louis-based PVAG is getting $33,000 from the city to study the creation of a tax increment financing or TIF district north of U.S Cellular Coliseum. A TIF takes property tax money that a project generates into a fund for economic development.

PODCAST: Listen to Scott’s interview with Hales on WJBC.

City manager David Hales told WJBC’s Scott Laughlin the city could take steps to ensure other taxing bodies, including the local schools aren’t impacted.

“It’s not as if the other taxing entities would not get some of the increment,” Hales said. “That ultimately could be a decision the (city) council makes, even during the 23-year period (of the TIF).”

Hales said the hotel developer Jeff Giebelhausen has until the end of the month to submit a complete proposal. His plan had been estimated at $50 million.

Eric Stock can be reached at [email protected].

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