By Adam Studzinski
BLOOMINGTON – Bloomington is preparing for the next step in creating a Tax Increment Financing district in the southwest part of downtown.
The City Council will vote Monday on setting a public hearing for the potential TIF district. Economic Development Coordinator Austin Grammer said the TIF would encompass several buildings near the U.S. Cellular Coliseum.
“The Front ‘N’ Center building, the Commerce Bank building, the Elks Lodge building, the Golden Rule building,” said Grammer. “And then some parking lots.”
TIF districts create economic incentives to help draw business and redevelopment. Grammer said this area is “ripe for redevelopment.”
“There could potentially be, you know, like a mixed use development; which would be apartments, office, retail,” said Grammer. “There’s still definitely a possibility for a hotel (and) conference center, city owned parking garage.”
The city recently rejected a proposal for a $52 million hotel and conference center, which would have sat inside the proposed TIF.
Grammer explained if the process continues, the TIF would likely be adopted in late October or early November.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
