Revitalizing Our City Core

In Bring It On Bloomington, the City’s comprehensive plan adopted in 2015, the McLean County Regional Planning Commission defined a large section in the City core as a regeneration area and a second section as a preservation area. In January, the Council approved an initiative presented by Council member Jamie Mathy to create incentives for investment in these two neighborhoods. 

Incentives in the regeneration and preservation areas would encourage individuals and developers to remodel existing properties and build new construction in infill areas. Such investments would increase the assessed value of the properties and increase affordable housing in areas with existing infrastructure. 

Council Member Jamie Mathy, Ward 1:

We are all very aware that we do not have enough housing.  At the same time, we need to be very careful of increasing sprawl to the east side & southwest side, because the further out the City spreads, the more it costs to deliver services.  If you look at the Net Fiscal Impact maps on page 34, you will see that the further east the City expands, the lower the net surplus a property generates, with most of the Grove in a net deficit.  This is at the same time as a lot of these properties pay some of the highest property taxes in the City.  We actually lose money because the Grove exists.

So my idea is to encourage investment into the defined Regeneration & Preservation areas.  Infrastructure is already built (but may need work), lot sizes are smaller, and cost to deliver services is lower.  It is an absolute win for the City.    If someone moves into a house & remodels it, and will raise the EAV of the property and help encourage additional investment into similar properties in the area.  If someone purchases a vacant lot & builds on it, the effect is even more dramatic. 

The initiative approved in January directs the City staff to create a plan to be presented to Council for review and approval. Please let me hear from you on this important initiative.