It’s been almost six years since taxes from Smallwood Plaza were collected by Bloomington’s Downtown Tax Increment Financing District.
Smallwood is one of several properties that have been overlooked from both Bloomington and Monroe County TIF districts since around 2007, when new coding in the Monroe County Auditor’s Office knocked several properties out of the districts.
After years of the districts not getting revenue from these properties, city and county officials are reviewing the TIF districts, and putting in practices that will hopefully prevent future mistakes.
The city of Bloomington is in the midst of a thorough audit of all six of its TIF districts, and their expansions, which should be completed in the next 60 days, said Sue West, city controller. West was reviewing the bond documents for the TIF districts when she noticed Smallwood Plaza was missing from the Downtown TIF District.
“It’s a bigger project than we thought,” West said, noting that the expansions have made it more difficult to determine what is included in each district and how much money will be added to the accounts for each TIF district.
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