The company planning to open a Springhill Suites on College
Avenue will come before the Bloomington City Council Wednesday night seeking a tax deduction for its location in an urban enterprise zone and the city’s tax increment finance district.
Avenue will come before the Bloomington City Council Wednesday night seeking a tax deduction for its location in an urban enterprise zone and the city’s tax increment finance district.
Urban Hospitality 1 LLC is applying for the enterprise zone investment deduction, similar to a tax abatement, which could take an estimated $317,690 per year from the tax increment finance district and give it back to the business for a period of 10 years. Wednesday's 7:30 p.m. session at City Hall will be a discussion meeting, which means an official vote will not be taken.
for a period of 10 years. Wednesday's 7:30 p.m. session at City Hall will be a discussion meeting, which means an official vote will not be taken.
The business will have to pay 30 percent of those dollars back to various government entities — 20 percent to the Bloomington Urban Enterprise Association, 9 percent to the city’s redevelopment commission and 1 percent to the state. The council approved the 9 percent rate March 27.
The Springhill Suites hotel project has an estimated construction cost of $18 million and will bring 39 jobs to the community. The hotel will be able to accommodate more than 150 guests.
cost of $18 million and will bring 39 jobs to the community. The hotel will be able to accommodate more than 150 guests.