By Adam Studzinski
BLOOMINGTON – The Bloomington City Council is taking a look Monday night at a possible new tax increment finance district along Empire Street on the city’s west side.
The TIF would run along much of the north side of Empire from about Towanda Avenue to Veterans Parkway. It would also include Bloomington High School and Bloomington Junior High.
Economic Development Coordinator Austin Grammer explained the city used a consultant to determine if the area is fitting for a TIF.
“The TIF consultant that they qualifying factors for TIF are widespread throughout the area,” he said.
Grammer said a goal of the proposal is to get the Colonial Plaza shopping center redeveloped. He noted 41 percent of the taxable buildings in the area are vacant.
“It’s a very high vacancy rate,” said Grammer. “Vacancy is very troubling not only for the property owner, but also for the community, for the taxing bodies, because it leads to a decrease in assessed value.”
The city council will vote on setting a public hearing on the proposal for early February. The TIF could then be approved later in February or early April.
More information can be found at www.cityblm.org/TIF.
Also on Monday, the council will vote on setting the city’s portion of the 2015 property tax levy.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
