The bill authorizes the city of Bloomington to impose a local sales and use tax of one-half of one percent, contingent upon voter approval at a general election. This tax is intended to fund specific projects, including the construction and rehabilitation of the Bloomington Ice Garden, a new Community Health and Wellness Center, and the restoration of the Nine Mile Creek Corridor. The revenues generated from this tax will cover the costs of tax collection and administration, as well as the financing of these projects, which may include associated infrastructure improvements.

Additionally, the bill grants Bloomington the authority to issue bonds to finance these projects, with specific limits on the aggregate principal amount for each project. The bonds will not be subject to certain debt limitations and do not require a separate election for approval. The tax will expire either 20 years after its implementation or when the city council determines that sufficient funds have been raised to cover the project costs. Any remaining funds after the tax's termination will be allocated to the city's general fund. The bill will take effect following compliance with specific statutory requirements by the city's governing body.