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EDC discusses opportunity zones, Seminary Square blight and tax-abatement tools
Summary
Staff told the EDC that the federal Opportunity Zone program was made permanent and Bloomington is identifying eligible tracts; commissioners discussed Seminary Square blight, assessed value reductions, and use of tax abatements (housing and jobs) as targeted incentives, noting fiscal impacts on other taxing jurisdictions.
Staff briefed the commission that the federal Opportunity Zone program has been made permanent and that Bloomington is identifying tracts to nominate and will seek approval from the governor's office. Jane Coopersmith said some previously eligible tracts may no longer qualify and noted Hopewell as a priority area to pursue if approved.
Coopersmith raised Seminary Square and…
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