By Andy Dahn

BLOOMINGTON – The District 87 school board has approved three property tax abatements in hopes of higher property values and more tax revenue moving forward.

The properties include nearly completed apartments on West Washington Street, space for six loft apartments on North Main Street and the future location of Green Top Grocery on East Washington Street. Superintendent Barry Reilly said the school board is always willing to learn more about local developments that could bring long term benefits to District 87.

“It’s very difficult to just say that we would support anything,” Reilly said. “But in general, this board has been supportive of short term tax incentives. We saw three good examples of that tonight.”

Reilly said the approval of the abatements is a smart long term investment for the district and the community.

“We didn’t lose money from the point where we’re currently at,” said Reilly. “In other words, we have a baseline to start from. The current tax dollars that we receive is maintained for each of those years. As the property gets developed and the value grows, the tax revenue will grow along with that. We’ll see that benefit a few years down the road.”

The district is also hoping to aid in the revitalization of Downtown Bloomington. Reilly said approving the abatements is a step towards that goal.

“I see Downtown Bloomington as a gem,” Reilly said. “This is something the entire community needs to help get right. Because the community has to commit to that, we have to do our part to commit to that. Part of that is to be able to partner with the city to help provide these incentives so developers will renew these buildings that need it.”

Each abatement is for five years. District 87 is responsible for nearly 60 percent of the tax bill.

Andy Dahn can be reached at [email protected].