The Bloomington Port Authority has made use of the following financial tools to assist with development and redevelopment in the city. Each project is carefully considered for its application and ability to meet city priorities and goals.
Tax Increment Financing
Tax increment financing uses the increased property taxes generated by new real estate development within a tax increment district to pay for certain eligible costs associated with the development.
Bloomington requires residential developments or redevelopments of 20 or more units to include 9% affordable units. Additional incentives are available to developers who achieve higher levels of affordability.
Development grants and loans may be available through the partners below or other entities. Port Authority staff may be able to advise or assist with grant applications that meet city priorities. Recent grant programs that Bloomington companies have successfully applied for:
A Foreign Trade Zone (FTZ) is the U.S. version of an International Free Trade Zone. A FTZ is always located near a Port of Entry and can be used to store foreign or domestic goods, re-package materials, assemble products, manufacture or re-export goods without paying Customs duties.