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Redevelopment commission reviews TIF impact, projection of $25M+ revenue and draft spending plan
Summary
The commission received the annual TIF impact presentation and a draft spending plan showing projected consolidated TIF revenues rising to about $24–25 million and a projected cash‑balance increase; staff warned the pass‑through test is above the 200% statutory comfort threshold and encouraged identifying near‑term projects.
The Bloomington Redevelopment Commission heard a detailed annual TIF impact presentation on Nov. 3 and reviewed a draft spending plan staff must file with the Indiana Department of Local Government Finance by Dec. 1.
Justin, the commission’s financial advisor, told commissioners the consolidated Bloomington allocation area is projected to produce roughly $19–20 million in TIF revenue in the coming year and total revenues (including interest and one‑time land‑sale proceeds) on the consolidated area could reach about $24–25…
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