Bloomington awaits financial study of revised downtown renovation

Posted on January 27, 2016

Front 'N Center — Bloomington city officials rejected a proposal last fall to overhaul two blocks of downtown property, including the demolition of the Front ‘N Center building. (WJBC file photo)

By Eric Stock

BLOOMINGTON – Bloomington mayor Tari Renner said the city is making sure it won’t face financial risk before proceeding with a revamped downtown renovation proposal.

“The project has to pay for itself,” Renner said. “We might issue a bond but the increased property taxes or other taxes have to pay for that bond. Taxpayers can’t be on the hook for paying for this.”

PODCAST: Listen to Scott and Colleen’s interview with Renner on WJBC.

Renner told WJBC’s Scott Laughlin the city would look to build a parking garage near U.S. Cellular Coliseum and the rest would be up to the developer.

The city last fall rejected East Peoria developer Jeff Giebelhausen’s plans to overhaul two blocks of downtown property last year because of financial concerns.

Giebelhausen proposed a downtown hotel while overhauling the Front ‘N Center and Commerce Bank buildings.

Renner said consultants are reviewing the new proposal and should have a recommendation for the city council by mid-February.

Eric Stock can be reached at [email protected].

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