By HOI ABC
BLOOMINGTON – A second local taxing body is agreeing to property tax breaks for developers planning to convert a long-ago abandoned building in Downtown Bloomington into apartments.
The District 87 School Board, meeting in special session Thursday night, unanimously approved a redevelopment agreement for the CII East building on East Street, which has sat vacant for many years.
The Bloomington City Council signed off on the deal Monday night.
The school district agrees not to collect added property taxes generated from the new development for the next 10 to 12 years. District 87 will continue to get annual property tax payments of $8,617.24 from CII East during the life of the agreement.
Also, if there’s more than one District 87 student living at CII East, the developers and the city agree to pay the school system $4,000 apiece for each additional student.
By renovating the building, city leaders believe they’re helping solve a local housing shortage and also fixing a structure that’s an eyesore and in a “severe state of disrepair,” said City Manager Tim Gleason.
Developers plan to invest at least $4 million to build eight apartments and four short-term rental units on the upper floors, plus provide office space on the main floor.
