"Bloomington Advances Tech Park Expansion with $4.6M Property Deal" - Bloomington Redevelopment Commission, November 18, 2024
"Bloomington Advances Tech Park Expansion with $4.6M Property Deal" - Bloomington Redevelopment Commission, November 18, 2024
AI Summary:
### Headline:
Bloomington Commission Approves Key Trades District Property Conveyance
### Article:
In a pivotal session on November 18, 2024, the Bloomington Redevelopment Commission moved decisively on the future of the city’s Trades District, approving a significant property conveyance agreement with Dimension Mill Inc. This decision marks a significant step in the development of the technology park, aiming to bolster local economic growth through enhanced community and technological engagements.
The meeting opened with routine approvals and inquiries concerning various city financial obligations, yet the focus shifted dramatically as the commission delved into the resolution 24-8 80. This resolution centered on a conveyance agreement facilitating the sale of key parcels within the Trades District to Dimension Mill Inc., for a sum of $4.6 million, reflecting the average of recent appraisals.
Larry Allen, representing the economic sustainable development office, detailed the transaction's framework to the commissioners. "Indiana University was awarded a grant from the Lilly Endowment under the college and Community collaboration Grant," Allen explained. "As part of that grant, IU, in collaboration with the city of Bloomington and Dimension Mill Inc., agreed to develop the remaining vacant parcels in the spirit of the technology park and the Trades District as a whole."
John Fernandez, present at the meeting, added, "This is something we've been talking about for some time now. The RDC started by updating the appraisals for the Trades District properties to get new fair market value for those that we are required to do by statute before offering them up."
Commissioner John West sought clarification on the appraisal values, to which Allen responded, "The $4.6 million is the average of the appraisals for the tracks."
A notable feature of the agreement, as pointed out by Commissioner Lori McCrobie, is the reversion clause. Should Dimension Mill Inc. fail to develop the property as stipulated, the parcels would revert to the Redevelopment Commission at the original purchase price. Allen reassured, "The emphasis here for the grant and the requirements for the grant is that the property be developed. We don't anticipate that this clause will be part of it, but it's there to ensure there's no land banking to increase the fair market value that a profit could be realized on not developing these parcels."
The commission unanimously approved the resolution, setting the stage for a transformative development project that promises to inject vitality into Bloomington’s economic landscape. The agreement also extends an existing partnership between the city, the Redevelopment Commission, and Dimension Mill Inc., ensuring continued collaboration in the Trades District's marketing and development efforts through at least 2025.
As Bloomington looks to the future, this strategic development in the Trades District underscores a commitment to fostering innovation and community collaboration, poised to reshape the city’s economic and technological horizons.
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