By Adam Studzinski
BLOOMINGTON – The Bloomington City Council will hold a public hearing Monday night for a possible tax increment financing district in the southwest part of downtown.
TIF districts create economic incentives for developers. Economic Development Coordinator Austin Grammer said any developer in this area is likely going to need public assistance.
“It makes sense for the city council to move forward with creating the TIF. So that way the city and the city council is in a position to be able to help a developer, should a developer make the request for assistance and propose a project that the city council wants to support,” he said.
The city has recently shot down proposals for a new hotel near the U.S. Cellular Coliseum, which is adjacent to where the TIF district would be.
“There’s been some conceptual talk about some different projects of different scales,” Grammer said.
The city council could vote on approving the TIF as soon as its meeting on Oct. 24.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
