This architect's rendering shows a four-story, 35-residential-unit structure with 12,640 square feet of commercial space that is being planned for the northwest corner of the B-Line Trail and West Kirkwood Avenue. Courtesy image
A tax abatement request for a $14.6 million investment on Kirkwood Avenue took a step forward as proposed Wednesday night, despite several alterations being suggested during the past two weeks.
The Bloomington City Council approved two of the three pieces of legislation required for the abatement Wednesday night. The third item will be considered Sept. 17.
The project would demolish the existing structure at 304 W. Kirkwood Ave. and replace it with a four-story multi-use facility with owner-occupied condominiums, office and retail space and a parking garage bordering the B-Line Trail. It is being brought forward by Cornerstone Information Systems, which is currently housed at this location.
The abatement would save owners Mat Orrego and D.G. Elmore $29,067 in personal property taxes abated completely over 10 years and $716,289 in real estate property taxes abated on a sliding scale for five years.
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