By Eric Stock
BLOOMINGTON – School officials are trying to make sure they aren’t shortchanged by proposed economic incentives for a $50 downtown Bloomington hotel project.
The city is studying the feasibility of creating a tax increment financing district or TIF where additional property tax revenue in a designated area is diverted back into the site for development rather than going to local taxing bodies. While District 87 wouldn’t be getting any less money than it does now, superintendent Barry Reilly said the district would not want to miss out on that money for the maximum length of a TIF.
“Twenty-three years is an awfully long time,” Reilly said. “If you put it in the perspective of a kid, that means that a kid whose born today – through a 23-year TIF – will never see the dollars coming into his or her school.”
Reilly said the district faces enough financial uncertainty from the state because of delayed funding and various legislative efforts regarding the school funding formula, a pension shift and a property tax freeze.
“When you factor all these things together long term TIFs are not ideal when it comes to funding public education,” Reilly said.
Reilly added he’s encouraged to see the city is targeting a specific part of downtown – three blocks near U.S. Cellular Coliseum – that could use an economic boost.
Eric Stock can be reached at [email protected].
