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RDC acknowledges 30-day extension for Trades District hotel feasibility period
Summary
The commission approved Resolution 25-134 to acknowledge a 30-day extension of the feasibility period in the purchase agreement for the Trades District hotel; staff said the buyer is appearing before BZA and targeting plan commission review in January.
The Bloomington Redevelopment Commission on Nov. 17 approved Resolution 25-134, acknowledging a 30-day extension of the feasibility period for the real estate conveyance and project agreement with the buyer for property in the Trades District.
Anna Dragovich, economic and sustainable development staff, explained the purchasers feasibility period had expired in December and that the buyer is scheduled to appear before the Board of Zoning Appeals this week with a target Planning Commission review in January. "They're exercising... an extension of 30 days," Dragovich said, adding that the extension allows the purchaser more time to pursue necessary approvals and permitting.
Commissioners asked whether additional approvals beyond the BZA and Planning Commission would be required; staff said planning commission approval would allow the permitting process to proceed. The commission moved and seconded the resolution and approved it unanimously.
The extension keeps the purchasers offer active while the buyer proceeds with the BZA hearing and the planning commission timeline. Staff said they will continue to monitor progress through the permitting steps.
