The building, which includes 39 apartment and a 280-car parking garage is on track to be complete next month.
The city will back two major projects involving a new parking and residential development and a new YMCA.
Mayor Sue Murray says the first round of bids came in more than $1 million more than what the parking garage was projected to cost.
The city of Bloomington is looking to expand paid parking in much of downtown.
The garage is now handicap accessible 24 hours a day.
The weight of snow and ice caused part of a roof canopy to collapse over the weekend at the Indianapolis Airport.
The parking garage would proposed new headquarters at the former site of Ladyman's Cafe.