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RDC sends memorandum to CIB after public pleas to preserve Seminary Point affordable housing
Summary
After public comment urging action to preserve Seminary Point's affordable units, the Redevelopment Commission voted to send a memorandum to the Capital Improvement Board explaining why it declined a bilateral land swap for College Square and stating the RDC will pursue a public offering to establish market value and protect transparency.
The Bloomington Redevelopment Commission voted to transmit a memorandum to the Capital Improvement Board (CIB) setting out why the RDC declined a proposed swap of the College Square parcel for four parcels south of the Convention Center, and to copy the common council, county commissioners and the mayor.
The memorandum — read into the record and discussed at length — explains that the RDC obtained two independent appraisals of College Square that averaged $7,590,000 and that no comparable appraisals, environmental assessments or rent rolls were provided for the southern parcels at the time of the CIB’s proposal.…
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