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Details yet to come after Bloomington council approves housing package, TIF district

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One of the wrinkles in the downtown Bloomington Tax Increment Financing District the city council has just created is that if it doesn't perform, half the property tax money generated will go back to taxing bodies like Bloomington schools. City Manager Jeff Jurgens said the standard included in the intergovernmental agreement [IGA] is a $5 million increase in property value within the district over a decade — even though the value will rise naturally by some amount without any new development.

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