By WMBD-TV

BLOOMINGTON – A public meeting was held Monday evening to discuss a potential TIF district in downtown Bloomington.

The location for the TIF for would be in an area known locally as the “buckle,” generally bounded by Locust Street to the north, Gridley Street to the east, the railroad line to the south, and Lee Street to the west.

Members of the public had their questions answered by city officials and planners, but the general mood of the attendees was supportive.

The proposed TIF would see vacant and underutilized buildings redeveloped, with the TIF being seen as an incentive tool for developers.

Melissa Hon is the Director of Economic and Community Development for the city, and brought up the Empire Street Corridor TIF as an example of TIF’s working in the city.

“We had some vacant retail and now it’s full with DSW, PetSmart and Dick’s, so I think there have been successes with this type of tool in the community and we know this one can be just as successful,” she said.

For those unfamiliar with TIF’s, they are a way for local governments to incentivize development in areas the city sees as in need of it. Statutes are set up to define exactly what “in need of it” means.

While it can be somewhat complex, it essentially uses property tax revenues from the district as a way to encourage development in that district. As the property taxes grow over time, taxes that are distributed to local taxing bodies are frozen, and any incremental growth in the property tax revenues can be used to pay for qualified redevelopment expenses. When implemented successfully, it can revitalize communities.

Hon said there will be an approved date for a public hearing at the next Bloomington City Council meeting on May 13. She said final approval could happen as early as July.

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