Math Journal: Converting percents to dollars for Housing Development Fund

On Wednesday (July 31, 2019) Bloomington’s city council will consider the first reading of a rezoning request from the Collegiate Development Group to build an 820-bedroom student housing project on North Walnut Street at the site of the current Motel 6.

CDG location map iso Screen Shot 2019-07-29 at 11.01.38 AMOne point likely to be raised is the amount of money CDG has committed to pay into the city’s Housing Development Fund, in connection with the proposed project. It’s a fund that was created by unanimous city council vote on Nov. 16, 2016.

The amount of CDG’s commitment to the Housing Development Fund is not expressed as a fixed dollar amount. The amount depends on a percentage of the number of bedrooms that are built.

Doesn’t CDG know already how bedrooms are in the project? It’s probably fair to say that CDG knows how many bedrooms it would like to build into the project, namely 820. But based on some early reaction from some councilmembers, at their July 19 work session, they might want to see the number of bedrooms reduced in order to approve the re-zoning. Continue reading “Math Journal: Converting percents to dollars for Housing Development Fund”