By Joe Ragusa
BLOOMINGTON – Bloomington is hoping to spur economic growth with a new TIF district that was approved Monday night by the city council.
It includes several properties along Empire Street on the city’s east side, like the Colonial Plaza Shopping Center and the Towanda Plaza Shopping Center.
Dick’s Sporting Goods has already agreed to move into the vacant K-Mart building but several other spaces at Colonial Plaza are vacant. Mayor Tari Renner said he’s hoping that will change.
“You can’t let vacant strip malls go under or stay vacant,” Renner said. “Because it’s not just that you lose the jobs, not just that you lose the investment or the property taxes, it’s that they become magnets for gang activity and other kinds of problems and crime.”
The district also includes Bloomington High School and Bloomington Junior High. Economic Development Coordinator Austin Grammer said the city could potentially partner with District 87 to fund redevelopment projects like remodeling auditoriums and classrooms, new windows and new HVAC systems.
Alderman Kevin Lower was the only alderman to vote against the proposal. He said he’s worried about unfair competition.
“I’m very concerned about the viability and continued viability of the Eastland Mall area and neighbors south and north of this proposed TIF,” Lower said.
The TIF helps the city use future property tax revenue to pay off development projects within the district. The goal is to raise property values within the district so there’s more revenue to pay for development. It could last as long as 23 years.
Joe Ragusa can be reached at joe.ragusa@cumulus.com.
