By: Diane Benjamin
The City of Bloomington has been trying to revive downtown since at least the 80’s. I don’t know when this program started, but I saw references on-line to loans being made through this program in 1982.
Remember Chinatown nightclub and later the Xi Do restaurant (Bou Chu)? Chu borrowed $200,000 and received $700,000 in TIF money and still got foreclosed on by the City of Bloomington. The loan came from this fund.
Maybe another $8.2 Million will work! History says not a chance.
http://4.17.232.139/code.asp?mode=print&show=chapter&id=6628
Chapter 43.5 : Section 1 : Establishment of Commercial Rehabilitation Loan Program.
The City Council of the City of Bloomington hereby establishes a special program to be known as the “Commercial Rehabilitation Loan Program” for the purpose of allocating public funds and encouraging the investment of private capital in a joint public-private effort to restore and rehabilitate commercial buildings located in the Central Bloomington Project Area by providing lower interest loans to owners or tenants of such buildings, provided that such rehabilitation meets minimum, acceptable commercial building standards and all applicable Codes of the City. (Ordinance No. 1988-114)
Maybe it was someone from the city who set fire to all of those building in downtown. I’m trying to remember when those took place. I want to say the early 1980’s. What a way to revitalize.
The key words are LOANS, INTEREST and PRIVATE CAPITAL. Another example of not compliance with ordinances.
Also at one time maybe 10 years ago the city wanted to tear down the buildings on the Washington block across from the courthouse to make it in to green space. Give them their way and historic Bloomington will all be torn down. Idiots!