The Herald Times
Ivy Tech building moves forward with preliminary bond OK by commission
Posted: Thursday, October 3, 2013 12:00 am
By Rachel Bunn
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If everything goes as planned, Ivy Tech Community College Bloomington could have a new building by the end of the year.
A $2 million bond issued by the Monroe County Redevelopment Commission still needs approval by the Monroe County Council and the Bloomington City Council before it is finalized for the purchase of the Pain Real Estate building at the intersection of Daniels Way and Ind. 48, just west of Ivy Tech’s main academic building.
The city controls a few of the parcels in the Westside Tax Increment Financing District, which is why it will also need to approve the bond, said Jeff Cockerill, county attorney.
The bond will cover the Westside TIF District fund’s share of the $1,625,000 purchase price — Ivy Tech provided $25,000 toward the purchase — as well as bond counsel fees, and provide a cushion for the redevelopment commission, should it be necessary.
No members of the public spoke during the public hearing held for the purchase Wednesday, but commission member Don Moore noted that Ivy Tech Chancellor John Whikehart previously provided the commission with testimony from businesses in the area in favor of the project.
County council members discussed the bond at a September work session, with Marty Hawk questioning whether assessed value from Westside TIF could be released, giving more money to the Richland-Bean Blosssom School Corp. and taxpayers.
If released, an extra $26,000 could go to the school system, but with other infrastructure projects still awaiting funding in the district, it is unlikely that any money would be released.
“It’s not a choice between school kids and college kids,” said Michael Flory, county council attorney. “It’s a choice between this project or another project.”