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State aproves Downtown Bloomington enterprise zone

Thu, 28 Feb 2013 12:23:34 CST
By: Willis Kern

The state has signed off on the proposed Enterprise Zone for downtown Bloomington. The approval should aid in business development in the downtown region. Ken Springer, a researcher with the Bloomington-Normal Economic Development Council, says the overall financial incentive is actually fairly small.

"By no means is it on the scale of something like a Tax Increment Financing district. It's a pretty mild incentive but it's one of the few we have available from the state of Illinois so we try to make good use of it.

A Tax Increment Financing District for downtown Bloomington expired four years ago. An enterprise zone allows for sales and natural gas tax exemptions, as well as income tax investment credits for developers. Among properties that could benefit from the zone are the old Coachman Motel site and the Commerce Bank building, which has just been sold to a Peoria businessman.

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