District 87 Schools are worried that the 23 year TIF District approved by the Bloomington City Council will not, in the end, give them enough benefit for giving up tax growth for that long a period. Superintendent Barry Reilly has said he wishes the duration were less than 23 years, though he acknowledges the city did not need to consult the district before acting.
A TIF District is a development tool which uses the increase in property tax revenue for an area to reinvest in that area. In this case, the money will be used for retail revival in the old K-Mart plaza.
Mayor Tari Renner said even if that particular redevelopment value does not last the full two decades, the school district could see some benefit from a second wave of businesses. "There's gonna be money in that TIF for 23 years, so if they want to do remodeling in 12 or 15 years, you'd be able to do that," Renner said.
Renner also says some District 87 property was included in the TIF District. "If this is really long term, if we are going to extend this out for this period period, then we want to make sure that District 87 understands that we included them because we want to make sure they can benefit from this investment as well," Renner said. District 87 can apply for money from the TIF fund generated by rising property values to use in future building improvements at Bloomington high and junior high schools.
Renner also says it's possible the TIF District would not last the full 23 years if future city leaders decide it has served its purpose. District 87 leaders have said a past TIF did not produce the hoped for long term growth that was worth giving up tax base.
