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Staff explain how new residential TIFs would relate to Bloomington’s consolidated TIF and EDA
Summary
A reporter asked whether creating residential TIFs would prevent use of previously captured consolidated TIF dollars; staff replied consolidated funds may be used for projects that benefit the consolidated TIF and explained the difference between an Economic Development Area and individual TIF allocation areas.
During the city’s public information meeting on proposed residential TIFs, a reporter asked whether parcels proposed for new residential TIFs are already inside the consolidated TIF and whether establishing a residential TIF would prevent consolidated TIF dollars already captured from being spent there.
Dana Kerr, the city attorney assigned to work with the redevelopment commission, answered that consolidated TIF funds…
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