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by Diane Benjamin

Update to:  http://blnnews.com/2013/02/20/uptown-and-crony-capitalism/

According to the TIF documents, the Town of Normal has an agreement with Heartland Bank to pay 30% of the interest on their new building.  The TIF documents on-line were not up to date.  Under the Freedom of Information Act the document has been updated:

Heartland Interest

Summary of the 30%:

Owed            Paid              Still Owed

2007          98,819.00     37,571.72         61,247.76

2008        155,920.00     48,534.06        168,633.50

2009        320,899.00     51,190.85        238,190.85

2010        115,000.00     34,500.00        220,372.57

2011        111,167.00     33,350.00         201,061.00

A note to the form states the costs are being amortized over 30 years.  $166,667 per year

No fear, it’s only tax dollars.