The primary agenda item was focused on amendments to the city’s TIF spending plan, initially enabled by special legislation in 2021 and further amended by a legislative extension this year. The objective of these amendments is to promote economic development and job creation in Bloomington. The council discussed transferring $95.2 million into a segregated account by the statutory deadline of December 31, 2022, a requirement met by the city. The amendments aim to extend the deadline for committing and spending these funds within TIF districts 1C and 1G through the end of 2027, providing additional flexibility for economic development initiatives. This extension also includes a broader geographic span for fund allocation and the ability to utilize interest accrued on these funds.

During the meeting, a council member sought clarification on the origination and transfer of the funds, confirming they are generated from TIF districts and controlled by the city. The council also highlighted that the approval of this spending plan does not obligate the city to fund any specific projects and that further approval would be required for any redevelopment agreements.

A public hearing was held regarding the TIF spending plan, but no members of the public chose to speak. Following the discussion and clarification, the council unanimously approved the resolution to amend the TIF spending plan.