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Council approves redevelopment agreement to bring Premium Loaves (Jimmy John’s franchisee) headquarters to downtown
Summary
The Bloomington City Council approved an ordinance allowing Premium Loaves to redevelop 307 East Grove into a 25,000-square-foot headquarters and two commercial spaces. Staff described a roughly $4.2 million investment and a proposed TIF increment abatement capped at 15% of project cost (about $632,925).
The Bloomington City Council on June 8 approved an ordinance authorizing a redevelopment agreement for the property at 307 East Grove, clearing the way for Premium Loaves — a major Jimmy John’s franchisee — to relocate its local headquarters downtown.
City Manager Jurgens introduced the item and staff said Premium Loaves plans to convert the 25,000-square-foot building to house roughly 22 employees and two commercial tenant spaces. Samantha Malot, presenting for staff, described the project as “a $4.2 million investment.” She said the developer intends to remove much of the existing pavement, add landscaping and renovate interior space for headquarters and retail tenants.
Staff proposed using tax-increment financing (TIF) support to assist the project. According to the presentation, 15% of the project cost (approximately $632,925) represented the TIF increment targeted, and the city would abate 75% of that increment up to the stated 15% cap. Council members asked few substantive questions, and Member Hendricks moved to approve the ordinance; Member Dannenburgger seconded. The clerk called the electronic vote and the item passed; no on-the-record roll-call tallies were announced.
Supporters said the redevelopment would put an underused property back into commercial use and retain a local employer downtown. Staff noted renderings had been prepared for the building exterior and interior corporate space, but commercial tenant fit-outs remain to be determined.
The ordinance approved council authorization for the redevelopment agreement and TIF assistance as described in staff materials. The council did not record a detailed vote tally on the public audio record at the time of approval.
