The Bloomington City Council will consider options for economic development in downtown during tonight’s regular meeting.
The city has the option to purchase land along Main Street, north of Chestnut Street, for $1.4 million. The location used to be Mennonite Hospital and Electrolux and could be combined with properties owned by Illinois Wesleyan University to create an over four acre development.
Aldermen will also review a proposal that would take the next step in encouraging the development of a hotel and conference center downtown. If approved, an inducement resolution that sets guidelines for the possible city partnership would go into effect. The final deal could include a TIF district for the properties as well as revenue sharing between the city and the developer.