The city plan commission approved the resolution unanimously and is now asking the city council to approve their resolution.
Representing the plan commission’s resolution were Margie Rice, corporation counsel with the city; Tom Micuda, from the planning and transportation department; and Jeff Underwood, the City ?Controller.
Each came to the podium to outline their plans and to answer questions from the council.
“Essentially what we did is we filled in the gap,” Micuda said of the commission’s plan to connect the TIF districts. “We filled the gap in for a very specific reason — it just wasn’t enough consolidation, but there are some very key corridors that this ?consolation covers.”
TIF districts allow the city to collect an extra tax on property in order to fund public improvements in that district.
TIF districts are permitted under Indiana state law if the district needs improvements that could not be fixed by other means.
Money from the TIF funds can be used for improvements, easing the burden on the general budget.
Essentially, it’s extra money the city can use for infrastructure ?improvements.
But a January study from Ball State University — mentioned by Councilmember Stephen Volan — argues that TIF districts may not result in an increase in jobs or income, which is the TIF’s goal.
Michael Hicks and Dagney Faulk, professors at Ball State’s Miller School of Business, authored the study that was addressed at the meeting.
Though Volan said he supports the legislation, and that the TIFs are generally a good tool for cities in Indiana that are financially constrained by the state’s General Assembly. Volan said the city should use new potential TIF revenue to acquire more green space so the city can concentrate development.
Councilmember Martin Spechler said he will vote in favor of the TIF expansion and praised the plan, while he questioned the Ball State study during the comment section of the council meeting.
In addition, Councilmembers Dave Rollo and Andy Ruff said they are generally in favor of the plan.
There are six TIF districts in Bloomington, five of which are up for expansion: Adams Crossing, downtown, Whitehall, Tapp Row and the Thompson Walnut-Winslow.
The TIF district tax will not affect the average Bloomington resident, according to Underwood.
The next City Council meeting will be a regular session on Wednesday, March 4 in City Hall.
