EDC discusses opportunity zones, Seminary Square blight and tax-abatement tools

Staff briefed the commission that the federal Opportunity Zone program has been made permanent and that Bloomington is identifying tracts to nominate and will seek approval from the governor's office. Jane Coopersmith said some previously eligible tracts may no longer qualify and noted Hopewell as a priority area to pursue if approved.

Coopersmith raised Seminary Square and nearby properties as a visible area of concern where reduced assessed values have coincided with low redevelopment activity. A commissioner reported the assessor reduced land values in the area and suggested a targeted abatement or short abatement program could be a tool to spur redevelopment.

Participants discussed the mechanics and limits of abatements: the EDC typically makes recommendations, and the city council approves abatements; state code and local ordinance set broad parameters and local criteria often emphasize affordable housing, job creation and community character. Commissioners noted abatements may reduce tax revenue for schools, the library and county entities and stressed careful targeting.

Examples discussed included existing abatements for affordable housing and employment-related abatements tied to significant job creation (Novo Nordisk was cited). Commissioners proposed meeting with County Assessor Judy Sharp and Planning Director David Hittle to explore city-county coordination and what abatements could realistically achieve in targeted areas. No formal abatement action was taken at the meeting.