Johnson Creamery

Meridiam will invest $50 million in the system, but will receive more than $10 million in tax credits.

By delaying to June 15, the city administration and Peerless could potentially reach an agreement before council recesses for summer.

City staff estimated Peerless will make about $800,000 in annual rent from the property’s 51 units. None of the units will be dedicated to affordable housing.

AT&T originally estimated to remove the equipment between June-September.

The entire 144-foot-tall stack cannot be saved, but establishing a historic district allows the city to maintain at least 60 feet.

During city council’s committee Wednesday, it considered the historic preservation commission’s recommended district boundary.

Based on an engineering assessment released in March, the smokestack cannot be repaired fully while remaining intact.

An updated engineer report released in March calls for Peerless Development to reduce the height of the structure.

Bloomington Mayor John Hamilton says an intensive engineering study was done and the top half of the smokestack needs to be reduced.

The area around the 140-foot tall smokestack is closed including a portion of the B-Line Trail.