The next step in turning over the Bloomington Hospital site for redevelopment is for the city to conduct a financial analysis of the project.
READ MORE: Final Draft For Hospital Redevelopment Site Presented To City Council
Deputy Mayor Mick Renneisen said at Monday night's Redevelopment Commission meeting that the city plans to contract the financial report out to SB Friedman Development Advisors.
“This is more of a piece meal. Let’s start with what we know with what is first in the series of things that might be needed, and then let’s see how that goes and progress to the next one," Renneisen said. "Instead of trying to understand and wrap 10 years’ worth of potential service relationships into one package.”
The report will address a broad range of items such as property value, multiyear cash flows and an outline of partnership options.
City controller Jeff Underwood said it will cost $39,410 for the report to be completed. SB Friedman will then have 60 days to produce its findings.
The 60-day period cannot begin until after the Redevelopment Commission approves the final report of the site plans, which is scheduled for a vote on Dec. 21.
Another key step in the project discussed Monday night was whether the Kohr Administration Building will be refurbished or demolished on the exisiting property.
“It is I think an essential reminder of our past and I think it is also a feasible, developable building that can link the history of this site with the future of it," redevelopment commissioner Eric Sandweiss said. "I applaud the city for proposing to perserve it."
During a series of public forums the city hosted this year, the building became a major talking point.
READ MORE: Town Hall On Hospital Site: 'A Hub Within The Fabric Of Bloomington'
"It is a good reminder that since 1904 that site has been a place of healing," resident Richard Lewis said. "As we look for ways to renew that site, it's important to keep in mind what that has meant to our community."
The city estimates the short-term cost to repurpose the building will be somewhere between $600,000-750,000 with the intent to have the long-term costs covered by a developer.
The future of the Kohr Building will also be part of the site's final plan on Dec. 21.
