The Bloomington City Council approved a firm to conduct a feasibility study for a tax increment financing district near Illinois Wesleyan's campus.
PGAV will examine properties at North Main and Chestnut streets to see if they qualify as a TIF.
City Manager David Hales said the cost of the study will be approximately $14,000. Hales said the biggest issue is timing.
"There is some urgency that because of some of the activity on the block, such a study could help at least document what the characteristics are now before full demolition of all of the buildings on the site," said Hales.
Alderman Kevin Lower said this is one TIF district too many.
"We're affecting the entire community," said Lower. "When you TIF an area, that area is taken out of taxable income. You have to realize it's not just the city of Bloomington, it's a number of other entities including the airport."
Hales said even though the council approved a study Monday night, there may not need to be a TIF at all.
"The council's action doesn't necessarily mean that they will create a TIF," said Hales. "We do not have any immediate developers interested in building on the property, but we certainly have some interest that hopefully could materialize in the future development proposals down the road."
Hales also said he is working with District 87 to refine rules for which areas in Bloomington should be offered up to developers with property tax incentives attached.
"Truly we are looking for a win-win situation," said Hales. "We all benefit when there's significant redevelopment, when there is something new that is adding to the tax roles. Unfortunately in District 87's boundaries they've been seeing more of a decline in assessed valuation which is not helping their bottom line."
