By Joe Ragusa
BLOOMINGTON – Bloomington aldermen are taking the next step towards establishing a tax increment financing district Monday night for several areas along East Empire Street, including the Colonial Plaza shopping center.
The city council voted 7-1 Monday night to set a public hearing on the issue on Feb. 8. Alderwoman Karen Schmidt did not vote because she was acting as mayor for Tari Renner, who left the meeting early to an illness.
Alderman David Sage said the TIF district would be a vital economic tool.
“People who want to come in and do business expect that something like a TIF district will be available for them to come in and provide some of those incentives, financial or otherwise,” Sage said.
Alderman Kevin Lower, the only dissenting vote, said there are other ways to encourage economic growth.
“I’m afraid that we’re throwing the baby out with the bath water here,” Lower said. “Attracting a business from Normal and getting into a bidding war is not my idea of economic development.
Dick’s Sporting Goods in Normal plans to move to the old K-Mart building, which is one of the vacant properties included in the proposed TIF district.
More information about the proposal can be viewed here: www.cityblm.org/tif.
The city council also unanimously approved the final 2015 property tax levy for the city and three annexation agreements.
Joe Ragusa can be reached at joe.ragusa@cumulus.com.
