By Eric Stock
BLOOMINGTON – Bloomington has agreed to waive development fees for a proposed subdivision that’s been stalled because of a difficult housing market.
The city council on Monday unanimously approved the agreement for Cedar Ridge near the Interstate 74, U.S. Route 51 junction in south Bloomington.
PODCAST: Listen to Scott and Colleen’s interview with Steve Rasmussen on WJBC.
“Because of the downturn in the economy and a slowdown in the housing market, (the contract) had lapsed, so the Planning and Zoning Commission recommended it be renewed,” Rasmussen said.
“It was largely because the developer (Jack Snyder) had met his part of the deal.”
Assistant city manager Steve Rasmussen told WJBC’s Scott Laughlin the agreement calls for at least 30 percent of the homes to deemed ‘affordable.’
The city is waving about $800,000 in fees.
Eric Stock can be reached at eric.stock@cumulus.com.
