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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. The memo concluded the exchange did not represent a sound financial opportunity, would impose operational and management burdens on the RDC (including responsibility for historic structures with deferred maintenance) and likely would be a short‑term, inefficient use of RDC resources without a market test.
The RDC said a public offering will allow the market to establish College Square’s value; the commission noted that any hotel proposal responding to the public offering would still be required to obtain necessary CIB approvals. The memorandum also recorded prior RDC investments in the College Square site and the RDC’s ongoing support for the convention center expansion, while emphasizing transparency and proper market testing.
The public hearing that followed drew multiple speakers urging the RDC to keep swap negotiations alive to preserve Seminary Point’s 29 very‑affordable units. Amber Korr (Homes for All) and other speakers urged the RDC to consider statutory authorities that permit land transfers to community development corporations; Bryce Green (DSA/Homes for All) said a community land trust partner is ready to take Seminary Point if the RDC facilitates a transfer. Tenants’ advocates described difficulty in finding comparable housing and urged lease extensions while negotiations continue.
After public comment and minor edits to add statute citations, the RDC voted unanimously to send the memorandum and to attach it to the public packet and minutes so the community and other elected officials can review it.
What’s next: the RDC will publish the memorandum in the meeting packet and pursue the public offering for College Square; staff said they will work with council and the CIB as appropriate and encouraged advocates to pursue direct conversations with the CIB and council regarding lease extensions and community land trust proposals.
