Bounded roughly by the B-Line trail on the north and west side, Morton Street to the east and going as far south as Seventh Street,this area encompasses a “Certified Technology Park,” approved by the state for communities to invest in high tech businesses and ?development.
The designation of an area by the State of Indiana as a “Certified Technology Park” allows the city or community to recapture tax revenue from the area, up to $5 million in worth throughout the life of the park, according to state law.
This tax revenue is then allowed to be reinvested in the park to help ?development and growth.
According to state law, a clear strategic development plan promises the money will only be used to help develop the park and a higher education sponsor. In this case IU is required to ?establish the district.
The Bloomington Technology Park was established in 2012 by Mayor Mark Kruzan and called for the development of the district west of downtown, which includes the former Showers Kiln, now the site of ?City Hall.
The core of the site is a 12-acre land plot purchased from IU in 2011 for ?$9 million.
With tax breaks and economic development aid, the city hopes to develop the tech park into an urban center of growth and innovation, according to its ?strategic plan.
Though the purchase was in 2011 and the strategic plan was issued in 2012, the city only sent out a request for development proposals in December 2014.
With $11 million in investment already and a state designation acquired, future developments for the park and concerns for its growth have already come up in debates for the mayoral and city council campaigns.
The vision of an Indiana town becoming a technology hub is not as far-fetched as it might seem.
City efforts at technology development include the Bloomington Technology Partnership, an office within the Bloomington Economic Development Corporation.
The partnership, which posts job offerings online, has seen more job postings — more than 200 — in the first quarter of this year than in all of 2014, according to Katie Birge, director of the Bloomington ?Technology Partnership.
The community has been active as well with the Combine, an annual technology conference modeled after South by Southwest in Austin, in its fifth year, and monthly events called “Verge,” conferences where entrepreneurs can pitch their ideas to ?investors.
Finally, the city has a huge potential resource in IU, where the School of Computing and Informatics provides opportunities to bring tech talent to Bloomington and train a future workforce that could choose to remain in ?the city.
