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Council approves Heights redevelopment TIF to fund urgent parking-structure repairs
Summary
Bloomington City Council approved a redevelopment tax-increment financing district for the Heights condominium to fund restoration of a deteriorating parking structure, following staff findings the garage is structurally substandard and that the project requires TIF to proceed.
The Bloomington City Council voted 7-0 Feb. 24 to establish a redevelopment tax-increment financing (TIF) district for the Heights condominium to help pay for a major renovation of the property's parking structure.
City economic development staff and the Housing and Redevelopment Authority (HRA) told the council the Heights parking structure has been determined structurally substandard and had its certificate of occupancy revoked. Kenny Niemeyer, HRA staff, said the financing package combines bonds, an interfund HRA loan and a TIF district to reduce assessments and secure repayment over a 20-year…
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