Bloomington aldermen will consider an agreement Monday night to offer financial assistance for residents of a new housing project.
City manager Tim Gleason said the deal calls for the city to cover up to $228,000 in rent over 10 years for residents of four of the 48 senior apartments at the former Bloomington High School at 510 E. Washington Street, a 100-year-old building.
“Communities often times get saddled with old churches, old schools and it becomes a cost to tear those down,” Gleason said. “This is a huge opportunity for the community that often does not happen.”
Iceberg Development Group is converting the old school into a mixed-use building as part of a $17 million project. It is included in the city's new tax increment financing district. In a TIF district, property tax revenue generated by a development is turned back into the project rather than going to local taxing bodies.
The apartments would be open to residents 55 and older who meet income requirements. Priority will be given to military veterans. The developer will also receive housing referrals through the Illinois Housing Development Authority’s State Referral Network which helps those with a disability or illness.
Gleason said he expects the agreement will meet council approval.
“(Alderman) recognize to have this kind of renovation in a major building that could have been a major cost to (demolish) at some point is a huge win for us,” Gleason said.
The city council meeting on Monday will be held at 6 p.m. The council recently approved moving up meeting times one hour.
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