At a glance
Here are the projects the $48 million bond is intended to help fund:
Switchyard Park development: $25.5 million.
Affordable/workforce/senior housing: $3 million.
Certified Technology Park infrastructure: $2.5 million.
Animal shelter upgrade: $2.4 million.
Public safety infrastructure: $1.9 million.
Greenways investment: $1.6 million.
Public works projects: $830,000.
Sustainability measures: $720,000.
Buskirk-Chumley Theater repairs and restoration: $250,000.
Switchyard Park, infrastructure at the Certified Technology Park and many more projects soon will have a new potential funding source: a $48 million bond issue that received unanimous approval Wednesday night from the Bloomington City Council.
Mayor Mark Kruzan said the proposal — which will fund projects that further sustainability efforts, create and improve public amenities, develop affordable housing, improve transportation infrastructure and continue support for the city's urban core — is "the result of months of preparation and years of prioritization."
The bonding also means that the city's newly consolidated tax increment financing districts won't expire in 2025. Under a state law that went into effect last year, any TIF district created before 1995 will expire in 2025 unless there are bond obligations in place by July 1.
With council approval now secured, the city will be able to sell the bonds with plenty of time to spare before that deadline.
And Controller Jeff Underwood said the city will have no issue paying back the bonds. Because it approached the bonding issue based on conservative projections, the city has plenty of room to pay debt service, even if there is an economic downturn or other situation that negatively impacts TIF revenues.
In addressing concerns raised at the council's meeting last week, Underwood also said bonding the money all at once is the best avenue. It means the city doesn't have to pay an estimated additional $2.1 million to issue separate bonds.
Council member Marty Spechler said because it leaves no question as to whether the money is available, "having a single bond now allows for the best possible planning for these projects."
"I think this makes the planning much easier, and therefore the realization of the projects will be much better than otherwise," Spechler said.
And that's a positive because of the impact the projects, especially Switchyard Park, will have on the city, council member Tim Mayer said.
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