By December 2022, Bloomington is expecting to see completed construction of Retreat at the Switchyard, a new housing project with 48 apartments designated as affordable.
The project is a 64-unit, 5-story building with first-floor retail space at the 1.5- acre site of the former Night Moves building on South Walnut Street, next to the new Switchyard Park.
To help the project along, Bloomington’s city council will be considering a resolution at its regular meeting on Wednesday that will take the required steps to give the project a tax abatement.
The resolution would set up the relevant parcels as an economic revitalization area and would approve a 10-year abatement schedule that would waive a total of $154,370 in taxes.
The first year’s abatement would be 100 percent of the taxes owed. That percent would ratchet down over a decade, so that $175,690 in taxes will have been paid by the end of the abatement period.
Next steps, after Wednesday’s expected council action to adopt the resolution, include a public hearing that’s set for June 16. The June 16 hearing will be followed by a city council vote to confirm, amend, or rescind the resolution adopted on June 2.
Another step, before construction can start in August on Retreat at the Switchyard, is a site plan review by the city plan commission.
Also at Wednesday’s city council meeting, a report will be heard on compliance for eight other tax abatements previously granted by the city council. Continue reading “Tax abatement for affordable housing project next to new park to be weighed by Bloomington city council”