The Bloomington Economic Development Commission unanimously recommended approval of a 10-year tax abatement requested by Hoosier Energy for the location of its planned new headquarters on the southwest edge of the city.
The plan must now go to the Bloomington City Council for final approval, and that could happen in early February, according to Danise Alano-Martin, the city’s director of economic and sustainable development. Alano-Martin, who spoke in favor of the abatement, said the proposal would meet a long-called-for goal of placing an employment hub in that sector of the city, something that has been on the agenda since 1993, when that area’s Tax Increment Finance District was created.
“I support it,” she said of Hoosier Energy’s plan. “This is a fantastic project.”
The new headquarters, which would consolidate Hoosier Energy’s local offices in one location from its current two — one on the north side and another on the west side of town — still must be approved by the energy wholesaler’s board. That is dependent on the success of the abatement request and a request to vacate a street right-of-way on the property at Tapp Road and Ind. 37. Alano-Martin said the board of public works has recommended the city vacate the road easement. That also must go for final approval to the city council.
Hoosier Energy’s plan calls for construction of a three-story, 80,000-square-foot building on approximately 13.5 acres now owned by the Public Investment
Corp. of Bloomington at the northeast corner of the intersection of Ind. 37 and Tapp Road.
Corp. of Bloomington at the northeast corner of the intersection of Ind. 37 and Tapp Road.
If the abatement is approved, new property taxes on the site would be phased in over a period of 10 years. City officials cite the fact that the new building helps guarantee the area will keep the more than 100 well-paid Hoosier Energy jobs currently based here.
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