From the Bloomington Herald-Tribune:
Commercial or residential properties currently receiving tax abatements have brought Bloomington an additional $192 million in new investment in real or personal property, according to the 2011 tax abatement report.
Representatives of the city’s economic and sustainable development department shared the 2011 report with the Bloomington City Council in a special session meeting Wednesday. All of the 19 properties receiving a tax abatement were deemed to be in “substantial compliance” with the requirements of the tax abatement.
According to economic development director Danise Alano-Martin, the properties receiving tax abatements had originally estimated the new investment at roughly $66.8 million and new jobs created at 287. Instead, the city has realized about $192 million in new investment and 624 new jobs with an average salary of $56,968.
Cook Pharmica was a big reason for that success, officials said, though all the properties had either met or, more often, exceeded their initial estimate for new investment. Cook Pharmica, which is in year 6 of a 10-year real estate property tax abatement for its property at 1300 S. Patterson Drive, had estimated its real estate investment at $19 million and anticipated the creation of 200 new jobs. Instead, it added $112 million in real estate investment and 422 new jobs.
Other properties receiving tax abatements are housing developments — largely those targeting low-income residents but a few for market-rate apartments — and commercial properties such as Cook. Six other property abatements expired in 2011.
http://www.heraldtimesonline.com/stories/2012/06/29/news.tax-abatements-bring-city-192m-in-new-investments-according-to-report.sto?1341028432
