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RDC presents 2024 TIF overview as council weighs distribution and spending plan
Summary
The Redevelopment Commission reported consolidated TIF revenues and 2024 expenditures, noted major 2024 projects including Hopewell East and the Trades District, and discussed a new state-required spending plan as council questioned geographic fairness of investments.
The Redevelopment Commission told the Bloomington Common Council on May 7 that the consolidated TIF districts generated nearly $18 million in property tax revenue in 2024 and that the RDC spent on major projects including Hopewell East and the Trades District.
Controller McClellan summarized the RDC’s required annual report, saying the consolidated TIF received "almost $18,000,000 in property taxes last year" and noting that TIF expenditures included bond principal and interest and capital projects. She…
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