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.
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.
Dave Rollo talks with Sue Sgambelluri before the start of the Jan. 29, 2020 city council meeting.
A map of 2020 sidewalk projects with overlay of the city’s consolidated TIF district.
Jim Sims, chair of the city council’s sidewalk committee.
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.