Normal didn’t stop at 2 Tax Increment Finance Districts – More tomorrow

by Diane Benjamin

The last report on properties bought – sold – given away – and held by the Town of Normal focus on the Normal Uptown Increment Redevelopment.  Part of that strategy is to pay for the plan using the difference between increased real estate tax revenue and the pre-redevelopment revenue.   In other words, the properties increase in value, property taxes go up, the Town keeps the difference.

While researching further, I found another TIF redevelopment Project.  This one is called Main/Osage TIF Redevelopment Project.  The properties involved are:  (click on the pictures to enlarge)

My last post showed how properties in the Uptown TIF were used, I’m not sure what they are doing with the properties Normal still owns.  What do they have in mind for these properties?  Were they waiting to finish Uptown before going on another buying spree?  Maybe you should start attending meetings!