Bloomington City Council members unanimously voted Wednesday to issue a $2 million bond that will allow Ivy Tech Community College to add another building of classrooms to its campus.
Issuance of the bond, which is through the county’s Westside Tax Increment Financing (TIF) District, will allow Ivy Tech to lease the building in Bloomington from the city for 1 dollar a year for ten years.
Ivy Tech will make any needed improvements or updates to the building before it opens its doors in the fall of 2015. The college plans to use the building for health care classes.
State law gives the City Council a vote in this particular matter because it annexed three parcels within the Westside TIF District in the 1990s. The Council’s approval ensures that the city’s interest in the tax revenue from the areas of land is protected.
Monroe County attorney Jeff Cockerill assured the Council that the bond “will not impact the parcels or change the TIF revenue received by the city of Bloomington.”
The bond issuance also required the approval of the Monroe County Redevelopment Commission, which passed the bond in September.