Ordinance 17-39

This ordinance authorizes and approves the proposed Agreement in Lieu of Annexation between the City of Bloomington and Cook (“Agreement”). The Agreement would take effect in 2017 and last for fifteen (15) years, as permitted by state statute. Under the Agreement the first payment would be due in 2018, and the last would be due in 2032. Over the term of the Agreement, Cook would be obligated to pay, in lieu of taxes, a minimum of $100,000 per year, for a total of $1.5 million over the life of the Agreement. The Agreement provides that the annual payment will increase if Cook fails to meet certain prescribed goals for financial investment and increased employment in Monroe County. In exchange for the payments, the City agrees not to annex specifically identified Cook real property in Monroe County. All payments received would be deposited into the General Fund. The ordinance directs the City Clerk to record a copy of the ordinance, duly adopted, and the executed Agreement with the Monroe County Recorder’s Office.