By: Diane Benjamin
h/t Kelby Cumpston for posting this on Facebook
Taxpayers are subsidizing this building by waiving the 6% Short Term Rental tax and providing 20 parking spaces in the garage across the street for 15 years (or 20 since the docs say both). https://blnnews.com/2022/04/24/69-million-for-water-projects-so-you-wont-notice-the-cii-east-giveaways/
It gets better!
The same two guys behind this project will be getting more giveaways for redeveloping the old Coachman Hotel property:
Remember, this was tabled at the last meeting: https://blnnews.com/2023/05/23/communists-showed-up-at-public-comment/
Also keep in mind all the giveaways are FUTURE money that doesn’t currently exist. Nobody is getting a check up front.
You can have a despicable looking CII East building and an empty lot generating no revenue OR return future revenue. Developers now expect kickbacks since they will just go somewhere else to invest that will give rebates if they are denied. Since Bloomington is possessed with making downtown a destination, they were easy to convince.
Maybe the communists will show up again and ask what the rent will be for the Coachman property.
Ensenberger’s has two condos for sale: https://www.homesbymarco.com/subdivisions/ensenberger_in_bloomington_il
See other prices condo’s in the building have sold for – the prices aren’t consistent!
The good news is whoever pays that much for rent at the CII East building can afford to go to shows at the BCPA!
I have no idea who can however. It certainly isn’t affordable housing. If Tim Gleason has recovered from COVID I’m sure he has cleared the path forward by now.