Indianapolis is back to 100 percent pre-pandemic convention levels and trade show crowds nationwide are projected to return by 2025.
Those were a few statistics shown at the Capital Improvement Board meeting Wednesday afternoon by Schmidt Associates and Convergence Designs, the two architectural firms chosen to help expand the Monroe Convention Center.
The CIB has received six responses to the request for hoteliers but needs to figure out the project’s site selection.
The county and city have agreed to donate the surrounding land for the project except for two parcels. The city is requesting reimbursement for the land north of the convention center, referred to as the Bunger & Robertson properties.
Read more: Bloomington council discusses priorities in convention center expansion
The city paid a total of $7 million in TIF dollars and would like those funds for the redevelopment of the former hospital site, now called Hopewell neighborhood.
The CIB was presented with four options for site selection for new convention center space and a hotel in connection with the current center. They go north, south, east, and west. All have pros and cons – something CIB members will meet to figure out in executive session Monday.
They’ll also have to decide whether to build the minimal 40,000 or optimal 60,000 square-foot addition.
On average, a 40,000-square-foot expansion could cost up to $58 million, while the larger expansion could cost up to $70 million.
Economic analysis for the project shows the 60,000-square-foot addition as the optimal size but could take the 40,000-square foot approach if there aren’t enough funds.
The potential funding breakdown shows cash from food and beverage tax along with bonding capacity to equal to $54 million to $76 million in potential total funding.
Numbers show convention attendance in Bloomington is increasing. Hotel occupancy and convention revenue was within 1 to 2 percent of pre-pandemic numbers and trending up.
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CIB members asked to see more on parking, as the project advises 750 spaces. The area has 666 now, but that’s without using current surface lots as expansion areas. They would also like more city and county feedback in terms of a master or redevelopment plan.
Chamber President Eric Spoonmore said they owe it to the taxpayers to come up with the best solution as quickly as possible. It was noted inflation increases the project cost about $150,000 every month the project is pushed back.
The next CIB meeting is scheduled for May 22 at 3 p.m.
