The City of Bloomington Office of Economic Development seeks to attract and retain high quality development and businesses that are compatible with the long-range vision of the City and its residents.

The City of Bloomington City Council may, at its discretion, provide financial or in-kind assistance to new or existing commercial, industrial, or institutional development. Combining federal, state, and local programs, the City Council is committed to providing cost-saving incentives to financially-strong companies that add value to the community. Incentive packages are company and location-specific, and may include property tax abatements, sales tax refunds, tax increment financing, low-cost financing programs, infrastructure improvements and utility cost reductions.

The Basics of How a TIF Works:

      For more information about TIF in Illinois, please review the documents at the links below:

     Summary of State of Illinois TIF Eligible Redevelopment Project Costs - PGAV

     A Resource Guide to Tax Increment Financing - SB Friedman Development Advisors

On June 25, 2018, the City Council adopted Resolution 2018-38 which outlines the
City's Guidelines for the Utilization of Tax Increment Financing
and affirmed the City's Economic Development Incentive Guideline.

Existing or potential TIF Districts in the City of Bloomington:

EMPIRE STREET CORRIDOR TIF DISTRICT – ESTABLISHED 2016

On February 22, 2016, the City Council established the Empire Street Corridor TIF District which includes commercial properties along Empire Street between Veterans Parkway and Towanda Avenue. The Empire Street Corridor Redevelopment Project Area is intended to induce development interest within this area and make improvements to public infrastructure. Click here for more information about the Empire Street Corridor TIF District.

DOWNTOWN EAST WASHINGTON STREET TIF DISTRICT - ESTABLISHED 2018

On June 25, 2018, the City Council established the Downtown East Washington Street TIF District which includes properties on East Washington Street between Gridley Street and Evans Street east of downtown Bloomington.  This TIF District is intended to support the redevelopment of the former Bloomington High School building at 510 E. Washington St., to induce development interest within this area, and to assist with improvements to public infrastructure. Click here for more information about the Downtown East Washington Street TIF District.

DOWNTOWN TIF DISTRICT 

The City of Bloomington is considering the adoption of a Tax Increment Financing (TIF) Redevelopment Plan and Project for the Downtown TIF Redevelopment Project Area. The Downtown TIF Plan would be done in accordance with the Illinois Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et. seq.) (the “Act”).

Free viewers are required for some of the attached documents.
They can be downloaded by clicking on the icons below.

Acrobat Reader Windows Media Player Word Viewer Excel Viewer PowerPoint Viewer