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Bloomington council adopts resolution to authorize refunding of 2015 TIF bonds, setting parameters for up to $30 million issuance
Summary
On Aug. 21 the Bloomington Common Council adopted Resolution 2024‑16 authorizing the issuance of tax increment revenue refunding bonds (maximum principal $30,000,000) to refinance outstanding 2015 redevelopment district bonds if market conditions yield sufficient savings; consultants estimated net present value savings of about $1.26 million.
The Bloomington Common Council adopted Resolution 2024‑16 by a 7–0 roll-call vote Aug. 21, authorizing the city’s Redevelopment Commission to issue tax increment revenue refunding bonds with a maximum principal of $30,000,000 to refinance outstanding 2015 TIF bonds if the sale yields net savings.
City Attorney Larry Allen and financial advisor Buzz Krone (Krone and Associates) told the council that the resolution establishes the statutory parameters for the potential issuance — a 15‑year maximum term, a maximum interest rate cap of 4.25% and an authorization window tied to the bonds’ first call date in early 2025. Allen said the resolution does not mandate a bond sale;…
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