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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 told council that the consolidated TIF’s ending fund balance was "a little over $17,000,000" and that many TIF bond maturities fall in 2030.
Anna Killian Hansen, Director of Housing and Neighborhood Development and executive director of the RDC, described how TIF works and listed assets the RDC manages, including Showers West, the Trades District Forge/Tech Center and the 4th Street parking garage. She said 2024 business highlights included the Forge opening, Hopewell Commons park completion and transfers related to a boutique hotel and 38 units of affordable housing at the former hospital site.
Council members pressed officials on geographic distribution of TIF spending. Council member Rallo said some areas "seem to be kind of orphaned" and urged more equitable investment across the consolidated district; Controller McClellan responded that recent TIF use has been project-based and that a lot of activity is concentrated downtown. Hansen added the RDC is working under a new state spending-plan requirement intended to force more deliberate budgeting.
The presentation also noted a Meridian personal-property TIFF tied to underground fiber installed by Hoosier Fiber Networks; under the developer agreement the city would return 95% of that TIFF revenue to the developer once assessed value begins generating revenue.
The RDC report was received and council members asked staff to follow up on specific parcels and on the mechanics of the spending plan. The RDC will appear again as projects move into site-plan and budget phases.
