99-year affordable housing deal to build about 60 new apartments at Bloomington’s Switchyard Park entrance

 

corrected aerial view 1730 Screen Shot 2020-05-18 at 3.13.12 PM
The April 20, 2020 image was extracted from the Pictometry module of Monroe County’s property lookup system.

If all the financing falls into place, a planned five-story building with up to 60 new apartments and 3,000 square feet of ground-floor commercial space will start welcoming new residents to the entrance of Bloomington’s Switchyard Park off Walnut Street sometime in the summer of 2022.

Part of the financial puzzle was solved for the developer, RealAmerica Development, LLC, when Bloomington’s redevelopment commission (RDC) approved a $1 purchase agreement for the real estate. The unanimous vote came at the RDC’s regular Monday meeting.

The RDC had bought the property a couple of years ago for $800,000, which was the former location of the Night Moves strip club.

Asked to comment on the disparity between the purchase price and the appraisal the RDC had obtained on the property, city controller Jeff Underwood said it was understood the RDC would not get back the fair market value on the land deal.

The proposal from RealAmerica might not have been the biggest fiscal proposal that the RDC had received through its request for information (RFI), Underwood said. But it had all the other attributes the city was looking for, he said.

What was Bloomington looking for? Affordable housing. For a long time and for a lot of people. Continue reading “99-year affordable housing deal to build about 60 new apartments at Bloomington’s Switchyard Park entrance”

$500K placeholder OK’d for master planner of hospital site redevelopment

At its regular meeting on Monday, Bloomington’s redevelopment commission (RDC) agreed to an amendment of the project description for the redevelopment of the hospital property at 2nd and Rogers streets, owned by Indiana University Health.

A $500,000 placeholder for a master planner was one addition to the project review form approved by the board. The other was an increase of the total project cost, from around $6.8 million to $10 million, to cover the cost of possible infrastructure improvements. Continue reading “$500K placeholder OK’d for master planner of hospital site redevelopment”

Bloomington city council’s OK of $324K for new sidewalks comes with discussion of additional funding sources

This year’s annual approval of the city council’s sidewalk committee report came at last Wednesday’s city council meeting. The report included $324,000 in funding for six different projects. The half dozen projects included: two sidewalk construction projects, two sidewalk design projects, and two traffic calming or crosswalk projects.

The sidewalk committee’s report was based on its meetings last year.

The approval was not controversial, passing 9–0. But it did generate a bit of discussion about other funding sources for new sidewalks, besides the money that was approved last week. The $324,000 total came from the city’s alternative transportation fund (ATF). Continue reading “Bloomington city council’s OK of $324K for new sidewalks comes with discussion of additional funding sources”