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Bloomington staff propose residential TIFs for Hopewell South and Summit District to fund infrastructure for attainable housing
Summary
City staff presented proposals to form residential tax increment financing districts for Hopewell South and the Summit District to fund infrastructure that would enable compact, lower-cost homes — the Hopewell PUD shows about 98 units and projects average prices near $270,000.
City redevelopment staff on Monday presented proposed residential tax increment financing (TIF) districts for the Hopewell South planned unit development and the Summit District, saying TIF-funded infrastructure should unlock more compact, attainable housing near downtown.
Anna Killian Hansen, the redevelopment commission’s executive director (and listed in the meeting as director of the commission’s hand department), told attendees the Hopewell South PUD would redevelop about 6.3 acres — the former IU Health hospital site — and is intended as a pilot to restore a historic street grid, allow smaller lots and alley/trail frontages, and permit housing types not allowed under current R4 zoning.
Hansen said the requested PUD would reduce average home prices by more than 30%, allow roughly 70% more homes than current R4 zoning, and…
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