Resolution 23-03

This resolution approves of an Interlocal Cooperation Agreement between the City and the Bloomington Public Transportation Corporation (BPTC). The Agreement includes a commitment by the City to pay BPTC not less than $3,806,100 in Economic Development-Local Income Tax funds each year beginning in 2023 and ending in 2027 to enable BPTC to pursue various economic development transit initiatives. Five such projects are identified and listed as priorities in the Agreement. BPTC would be required to report to the Common Council during the annual budget process, as well as engage in meetings with City Administration on the appropriate expenditure of this funding.