The Bloomington City Council is expected to approve a tax deduction Wednesday night for the Springhill Suites project on North College
Avenue.
Avenue.
The council had delayed a vote on an Enterprise Zone Investment Deduction for Urban Hospitality 1 LLC on April 17 because of concerns about granting the tax break — a 10 year, 100 percent deduction on a company’s property taxes based on the property’s assessed value after improvements — without setting any criteria for council approval.
Deduction for Urban Hospitality 1 LLC on April 17 because of concerns about granting the tax break — a 10 year, 100 percent deduction on a company’s property taxes based on the property’s assessed value after improvements — without setting any criteria for council approval.
The state-authorized deduction has only come before the council because the project exists in a tax increment financing district. Council member Tim Mayer said he and his colleagues were unable to find a criteria for passing this particular deduction, but failing to have criteria at this time will not preclude the council from establishing requirements in the future.
