BLOOMINGTON, Ill. (WMBD/WYZZ) — Bloomington School District 87 Board of Education approved two agreements Thursday.

The first is an agreement for D87 to participate in the Bloomington-Normal Enterprise Zone, administered by the Bloomington-Normal Economic Development Council.

Certain boundaries of District 87 lie or will lie within the Enterprise Zone.

Bloomington-Normal EDC CEO Patrick Hoban said this standardized incentive is for 5-year property tax abatement in future projects, retail and non-retail inside of the Enterprise Zone.

“It’s a huge benefit for our area, for those that are inside the zone, because it makes a standardized development for everyone that invests, that actually makes us competitive to the surrounding areas, it speeds up the process, it lets everyone know the rules, and it makes us competitive at the same time,” said Hoban.

The second agreement is a tax abatement agreement with the developer working on the CII East building redevelopment in Downtown Bloomington.

“In order to make this development successful, we needed help, because the buildings been let go for a long time, and so one of the ways that development works is, to be able to have the current property taxes frozen at the rate that they currently are, for the next 12 years,” said Developer Robbie Osenga.

That base rate is around $8,600.

Also built into the agreement, if more than one District 87 student resides in the building once completed, the district will receive compensation.

Osenga said without these tax abatements, this redevelopment wouldn’t be possible.

“As people here, born and raised in this community, and really wanting to change the downtown corridor, without their help, it just simply wouldn’t have happened, so we’re really grateful that this works, and now we can take it to banks and investors, and get started on the project,” said Osenga.

He added, that 11,000 cars drive past the CII East Building a day.

He said as a prominent building downtown, they’re excited to get started on redevelopment.