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Bloomington adopts second amended TIF spending plan, extends deadlines for Mall of America-area funds
Summary
The Bloomington City Council and the Bloomington Port Authority on Sept. 30 approved a second amended and restated tax-increment financing (TIF) spending plan that extends spending deadlines for TIF Districts 1C and 1G and allows interest earned in the segregated account to be used as TIF dollars.
Bloomington — The Bloomington City Council and the Bloomington Port Authority on Tuesday approved a second amended and restated tax-increment financing (TIF) spending plan that extends deadlines for spending funds tied to TIF Districts 1C and 1G and permits use of interest earned on the segregated account.
City staff said the spending plan update does not allocate money to any specific project and only authorizes the city to make future commitments. “It authorizes, but it does not obligate us to use or spend any of those funds,” Kevin Knaise said during the public hearing.
The spending plan traces to special legislation passed by the state in 2021 and a subsequent legislative extension. According to city…
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