Bloomington Economic Development Commission, May 19, 2026

The Bloomington Economic Development Commission met on May 19, 2026, to discuss several key economic development initiatives, with a significant focus on a proposed bond issuance by the Bloomington Housing Authority (BHA). The BHA is pursuing a negotiated sale of tax-exempt bonds to finance the acquisition and capital improvements of five multifamily housing properties totaling 924 units, aiming to preserve affordable workforce housing. The bond issuance process involves obtaining a credit rating, with indications of an investment-grade rating around BBB or A-. The bonds will fund approximately $9 million in capital expenditures, with the BHA planning to engage an external property manager due to capacity constraints. The commission was briefed on the financing structure, the role of underwriters, and the anticipated revenue streams to support debt service and future affordable housing development. Additionally, the commission discussed new policies related to extending sewer service outside city limits for strategic economic development sites, including criteria for site designation and potential use of pilot (payment in lieu of taxes) agreements. The meeting also touched on the state's allocation of additional three-way liquor permits to Bloomington and the opportunity zones program, highlighting ongoing efforts to attract investment and support local businesses. No formal votes were recorded during this session, but the commission expressed support for the bond financing approach and the development of strategic site criteria for utility extensions.