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Council approves phased redevelopment of former State Farm fire building, authorizes potential short TIF bridge loan
Summary
The council voted to approve an amendment to the April 2025 redevelopment agreement with UEP Bloomington LLC to stage a $68 million project (phase 1: 57 apartments and a Starbucks; phase 1b: Park Plaza garage rehab; phase 2: remaining units and a food hall). The amendment includes developer guarantees and a contingency TIF bridge loan up to $600,000 for up to four months if historic‑tax credits are delayed.
The Bloomington City Council approved an amendment March 23 to its redevelopment agreement with UEP Bloomington LLC (Urban Equity Properties) for the former State Farm Fire Building, moving the project from a single build‑out to a staged approach and adding borrower protections and a contingency bridge loan.
Under the approved amendment, phase 1 will construct 57 residential units and secure a Starbucks tenant; phase 1b includes rehabilitation of the Park Plaza garage across Jefferson with public parking on the ground floor; phase 2 would…
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