Proposed use of TIF funds on South Walnut

The Bloomington City Council will meet at 7:30 p.m. Wednesday, Jan. 14, to discuss Resolution 15-01 and Ordinance 15-01, proposed legislation that would designate an Economic Revitalization Area at 338 S. Walnut St.

Big O Properties, LLC is the petitioner.

Resolution 15-01 would also approve the Statements or Benefits and authorize Periods of Abatement for Improvements to Real Property, for example, the property at 338 S. Walnut St.

Director of Economic Development Denise Alano-Martin, Small Business Relations Assistant ?Director Jason Carnes and Big O Properties have been asked to attend.

Since this site lies within the Downtown Tax Incremental Finance District, statute requires that the Council approve the ERA designation.

TIF Districts is a local financing device authorized by statute, which set aside increases in taxes on real estate above a base year which are then used to invest in the area, according to the plan for the district.

Any lowered property taxes would not be deposited in the TIF.

The material indicates this process would not negatively affect the TIF because the current tax ?revenue is relatively small.

The project does not ?require any significant public investment, according to the Council’s agenda packet.

Council schedule

for January

Jan. 9 Council-staff internal work session

Jan. 14 Organizational meeting, committee of the whole

Jan. 21 Regular session

Jan. 23 Council-staff internal work session

Jan. 28 Committee of the whole

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