© 2024 WGLT
A public service of Illinois State University
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Bloomington Council Considering Downtown Project

The Bloomington City Council may participate in the development of a hotel and conference center downtown. During a committee meeting, aldermen informally supported an inducement resolution, which is usually the first step in issuing bonds.

Jeff Giebelhausen, developer and former mayor of East Peoria, is working on putting the deal together. He says the inducement resolution will get the ball rolling on putting together a final proposal.

"That’s going to set the parameters of what the city is willing or not willing to do in a deal," said  Giebelhausen. "We will then take those parameters back to our hoteliers and say 'Okay, this is what a deal can look like in Bloomington. Are you still interested? Are you not interested?'"

Aldermen heard a report from Stephen Friedman, President of SB Friedman Development Advisors, who compiled information on costs and other considerations for the city. He laid out a series of steps the council would need to take to move the project along, including establishing a TIF district and business district surrounding the proposed project area as well as getting an appraisal on the land and buildings involved.

The report didn’t include information on infrastructure improvements that may be required for the development. Mayor Tari Renner says that data will come later.

“We had to have the inducement resolution before we spend even more time and money trying to get that information,” said Renner.

Renner said the improvements will have to be made regardless of whether a hotel is built.

“Some of it has been fixed, as I understand, because when the Coliseum was put in, so we have to take a look at that. That’s something that we can negotiate as we go forward, said Renner.”

The council will have a chance to digest the information and hear back from the public before deciding the issue. A formal resolution will be brought to the council for approval next month.

Related Content