The Bloomington City Council is taking the next step in creating a tax increment financing district that includes Colonial Plaza. A meeting will be held next month among stakeholders affected by the proposal.
Alderman David Sage says that meeting will iron out the details of the idea before it's brought to the table at a public hearing in February.
TIF districts are designed to help bring businesses to a blighted or soon-to-be-blighted area by offering tax breaks. Sage says businesses expect these incentives from communities in Illinois.
However, Sage says businesses have to earn those incentives.
The council also heard from city staff on the progress of infrastructure projects in Bloomington and approved an over $24 million property tax levy for property owners. The levy is an increase from last year, but, due to increased property valuations, taxpayers will pay a dollar less on a property worth $165,000.
Aldermen also approved a three year retroactive contract with Bloomington police that agrees to periodic salary increases with a reduction in sick leave for new hires.