City Council Approves Two $5 Million Infrastructure Bonds; Final Local Income Tax Vote Moved to April 27
The Bloomington City Council on Wednesday evening approved two five-year $5 million general obligation (G.O.) bonds to invest in important Bloomington infrastructure projects spread across the community.
The bonds are designed to fund several projects including sidewalks, side paths, bike lanes, and trails, as well as ADA ramps and energy savers like LED street lights. The City Council voted to set the priority order for various projects as outlined below.
“I want to thank the members of City Council for their support of these bonds and their investment in Bloomington’s future,” said Mayor John Hamilton. “I look forward to working with Council as we undertake a wide range of projects that will make life better for a wide variety of Bloomington residents.”
Council passed ordinances 22-13 and 22-14 with amendments removing and reordering select projects from the original list proposed by the Administration. The G.O. bond projects include (in priority order):
These G.O. bonds will be used for a variety of City infrastructure needs and will advance the City’s goals of climate change preparedness and equity and quality of life for all. Bonds are used to pay for large capital improvements that cannot be funded otherwise. Funds from the sale of the bonds can be used to leverage state and federal funding resources, like the recently passed federal Infrastructure Investment and Jobs Act, to increase the City’s capacity to complete the prioritized projects.
These bonds also complement the proposed local income tax (LIT) increase that will provide ongoing operating, personnel, and programming funding for initiatives that support public safety, climate change preparedness and mitigation, equity, quality of life, and essential city services. Following Wednesday’s public hearing, City Council voted to postpone discussion and voting on Resolution 22-09, the proposed LIT ordinance, until a Special Session on April 27 at 6:30 p.m.
For more information about the G.O. bonds and proposed LIT increase, including a list of Frequently Asked Questions, visit bloomington.in.gov/newrevenue.
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