WFHB Bloomington Community Radio
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The Bloomington Redevelopment Commission has approved a $29.5 million bond to fund a new Fourth Street parking garage.
A review by structural engineers earlier this year revealed serious structural issues with the garage. The city has already spend more than $20,000 in emergency repairs. Instead of spending more on repairs, city administrators are moving to replace the 352 space garage with a new, 600 space garage.
The bond will be issued for a maximum of 22 years, with the city making payments of approximately $2 million a year. The Bloomington City Council still has to approve the bond. $18 million of that funding could go to create a new 400-space garage in the Trades District downtown. The Redevelopment Commission approved a resolution that begins the project review and approval process for both garages. However, it does not authorize any work or expenditure of funds at this time.
