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Commission replaces lapsed hotel conveyance agreement, approving new conveyance to Allen IU Trades District Hotel LLC
Summary
After a previous conveyance offer lapsed, the commission approved resolution 25-83 to enter a replacement conveyance agreement with Allen IU Trades District Hotel LLC (Aluen/Alluin variant), removing a partner (Pure Development) whose contract expired; the new agreement keeps prior terms and extends due diligence to the end of the year.
The Bloomington Redevelopment Commission voted unanimously June 16 to approve a replacement conveyance agreement for redevelopment property in the Trades District, moving forward with Allen IU Trades District Hotel LLC after a prior conveyance agreement with Pure Development lapsed.
Why it matters: The hotel project is a major redeveloper-led initiative in the Trades District. The commission's action re-establishes a development path after an earlier offer expired and enables continued design, permitting and financing work toward a full-service hotel on RDC property.
Background and rationale
Staff explained the…
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