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The Daily Local News. Graphic by: Madison True, 2018.

Support for Proposed Convention Center

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Financial advisers hired by the City of Bloomington have concluded the City can financially support funding a proposed Convention Center expansion with bonds.

As currently proposed, a 60 thousand square foot expansion would cost roughly 44 million dollars, and would include a 30 thousand square foot exhibit hall, and renovating the existing convention center.

A food and beverage tax was implemented last year to pay for the expansion, but the city is proposing using its portion of the tax revenue to bond the project.

Buzz Krohn is a municipal financial adviser with O.W. Krohn and Associates. In September 16th presentation, said the city is looking at 20 year bond.

City Controller Jeff Underwood said an additional local income tax could be put in place to back up the bond, if needed. The new expanded foot print could also include a new parking garage.

Bloomington Mayor John Hamilton added that the funding projections don’t include any potential revenue that may come from users of the garage.

Long term funding is just one of several issues officials are tackling with the planned convention center expansion. City and county officials say they’ll continue to meet to work out the details, thought their next meeting date is still to be determined.

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