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Bloomington council approves lease and financing plan for convention center expansion
Summary
The Bloomington Common Council adopted Resolution 2025-03 to accept property transfer, authorize a lease and pledge backup revenues for the Monroe County Convention Center expansion; council and advisors emphasized conservative revenue assumptions, debt-service reserves and procurement safeguards after extended public comment and Q&A.
The Bloomington Common Council voted to adopt Resolution 2025-03, authorizing acceptance of property from the Monroe County Capital Improvement Board, execution of an initial lease and pledging certain revenues as payment for lease rentals tied to financing for the Monroe County Convention Center expansion. The motion was moved and approved by roll call.
City Controller McClellan told the council the measure bundles several transactions for the city’s portion of the project and introduced legal and financial advisors. Municipal advisor Jim Treat said the council’s “fair and reasonable” determination concerns the financing terms—"it's really related to the financing"—and that the debt-service assumptions were prepared conservatively, with a debt-service stability fund…
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