New TIF district will help fund Cook Group redevelopment of former Bloomington GE site

On Wednesday, the Monroe County Redevelopment Commission approved the creation of new single-property tax increment finance district — also known as a TIF district — as a way to provide the local medical manufacturing company with additional funds for its renovation project. Overall, Cook plans to invest $125 million into renovating the site. Improvements planned include a 1.5-mile public walking path around the property, landscaping, redevelopment of office and manufacturing space and parking lot improvements.

The approval comes ahead of a planned treeplanting ceremony at 10 a.m. Friday at the site. County council member Geoff McKim said this project crafts the right balance of public and private investment.

“I feel like this is a generational opportunity to redevelop that spot,” McKim said.

To create the new district, the existing Westside TIF boundaries have been changed and no longer include the 70-acre former GE site located at 301 N. Curry Pike and an adjacent 30-acre parcel. The new district is to be called the Curry Pike Allocation Area.