The City Council unanimously approved to move forward in the first part to designate the Catalent expansion as a revitalization area. Final approval of the tax abatement in exchange for $350 million in investment and 1,000 new jobs will be on March 2nd after a public hearing. Bloomington is competing with Louisville, Madison, and Kansas City. $10 million of this investment will be to develop real property. The Real property would be abated at a rate of 50 percent a year for 10 years, while the larger portion is the personal property, which is 90 percent for 20 years. The impact of the abatement on TIF revenue would not be significant as it is calculated on real property but not personal. The Impact on COB revenue would not be significant. Local taxes are collected is based on the City’s budget. The abatement does not reduce total revenue on a dollar-for-dollar basis, but rather spreads that loss to the other taxpayers. Where the issue comes is how close we are to the state-restricted CAPS which puts a levy on the amount a tax can go up. According to the the City’s Alex Crowley does not believe it will be an issue. The main reservation from the Council was housing, where are these people going to live? Currently, half of Catalent’s 3,212 workforce lives outside the county which Monroe County reaps no financial benefit from.
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