By WMBD TV
BLOOMINGTON, Ill. (WMBD) — Bloomington City Council unanimously approved a $4.2 million redevelopment plan for the old Clay Dooley Building on Grove Street.
The old Clay Dooley building on the corner of Grove Street and Gridley Street has sat vacant for many years until Premium Loaves, the company that owns Jimmy John’s, purchased the building with the intent to make it their new headquarters. Their current headquarters are established in Normal.
Since then, the company and the city have approved a new plan which will still bring Premiums Loaves headquarters to Bloomington, but also allows for two retail spaces on the first floor of the building. The second floor of the 25,000-square-foot building would then be used for the company’s headquarters.
The company developing in this part of Bloomington is also giving them some tax incentives, since the building is within the Downtown Tax Increment Financing District, or TIF. This incentive will reimburse the company for up to $632,000.
“With that 75% of the approved cap on that [TIF] is going to mean a help to the company and their investment of that $4.2 million, probably over $632,000, that the city’s going to be through the TIF District, helping them make that investment,” said Dan Brady, mayor of Bloomington.
“It’s a win-win for everybody and a big win for Bloomington and a big win for that particular area of Bloomington that needs to develop.”
This development is not only benefiting the company, but also the City, as this portion of the city is in need of rehabbing.
“Having potentially 22 jobs, rehabbing a building that has been vacant for quite some time is going to enhance that area of our city greatly, is going to be another yet another feather in the cap for Bloomington when it comes to economic development and business coming into Bloomington,” said Brady.
The tenants for the retail spaces have not yet been decided.
WMBD TV first reported this story. You can read the original story online at CIProud.com.
