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loomington's redevelopment commission (RDC) has approved $25,000 for appraisals in the city's tax increment finance district, with no specific properties listed. However, it appears that one of the properties to be appraised is the former Bunger & Robertson property, which the RDC owns and may sell.
The property, located at 4th Street and College Avenue, was purchased by the RDC in two separate transactions for around $7 million. Dora Hospitality has expressed interest in building a hotel on the site to complement the new convention center, with the Monroe County capital improvement board (CIB) having chosen them as their preferred hotelier.
The CIB had encouraged the RDC and Dora Hospitality to start negotiating and move forward without delay. The $25,000 approved by the RDC will be used for appraisals, which may also include other parcels of land that the RDC is interested in purchasing.
City attorney Larry Allen explained that specifying properties in a resolution can lead to land speculation, which would not serve the RDC's interests. He noted that two appraisals are expected immediately for convention center-related property, with some leeway to obtain additional appraisals if needed by the end of the year.
Bloomington resident Joe Davis spoke against approval of the $25,000, opposing the expansion of the convention center and arguing that public land should be used for public purposes rather than generating business enterprises through taxation.
The RDC paid around $10,000 for four appraisals when purchasing the Bunger & Robertson property in 2019 and 2023. The two parcels were valued at an average of $5.25 million and $1.335 million, respectively, compared to the purchase prices of $4.995 million and $1.900 million.
The next meeting of the Monroe County CIB is set for October 23, where they will consider the final project definition from architect Schmidt Associates and potentially direct them to start their final design work. The convention center project is now targeted for completion in mid-2027.
