Bloomington hopes to put $2M of local money into $10M “tech accelerator” if feds will make up the difference

cropped incubator2 2020-08-03 at 7.03.27 PM
A view from the west of Bloomington’s Trades District. The April 2020 image is from the Monroe County online GIS system.

Bloomington is applying to the federal government for an 80-20 matching grant that would pay for a $10 million “tech accelerator” to be constructed in the Trades District area of downtown Bloomington.

According to Jennifer Pearl, president of the Bloomington Economic Development Corporation, the tech accelerator would “make programming and services available to tech companies in our region, to help them grow and commercialize.”

The physical location in the Trades District would make it a “technology hub,” Pearl said.

Startups and mature tech companies alike would be candidates for using the tech accelerator’s services, Pearl said.

Bloomington’s 20 percent share of the project would be $2 million, drawn from revenue to the city’s consolidated TIF (tax increment finance) district. That’s why the proposal appeared on the Bloomington redevelopment commission’s Monday night agenda. The RDC administers the city’s TIF funds.

The RDC did not approve any expenditures of funds on Monday. They just gave a green light for the grant application to be made. Continue reading “Bloomington hopes to put $2M of local money into $10M “tech accelerator” if feds will make up the difference”