This story has been updated.
Bloomington Mayor John Hamilton has signed an interlocal agreement for the Monroe County Convention Center expansion.
The agreement between the City of Bloomington and Monroe County government is a plan for how a Capital Improvement Board (CIB) can operate. The Board will oversee the project, which has been in a stalemate for years.
Hamilton said this is a major step forward.
“After seven years of often frustrating efforts to get this project launched, we are now in position to advance our economic future,” an emailed statement from Hamilton reads. “An expanded convention center will help downtown businesses thrive and welcome millions of vacationers, convention goers, business travelers, as well as our local patrons and organizations.”
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The agreement also outlines roles and responsibilities of those involved in the project.
The Bloomington City Council, Monroe County Council and the county commissioners must ratify the agreement for it to take effect.
The City Council unanimously approved the agreement at its Wednesday meeting.
Once that happens, the board will manage the design and construction of a new convention center.
The city council will oversee funding, and a city nonprofit building corporation will issue debt and own the property.
Once the expansion project is complete, the board will operate and manage the facility, replacing the county in its contract with the Convention and Visitors Commission.
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When the bonds are paid off, the city building corporation will transfer ownership of the facility back to the city, and then to the board, for ongoing management.
The seventh and final member of the CIB, Jim Silberstein, was elected last week.
The CIB meets next on Dec. 13 to get reacquainted with the expansion design firm Schmidt Associates and draft board bylaws.
