Bloomington plans to issue $13 million of revenue bonds to finance the acquisition of 12 acres of downtown property from Indiana University. The city hopes to then sell the land to a developer for residential and retail projects.

The city would pay $9.3 million for the land and $2.8 million for infrastructure improvements, local reports said. Officials would repay the bonds using money from an existing tax-increment financing district and the resale of the land.

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