By: Diane Benjamin
Renner now has green light to create another TIF district in downtown Bloomington so he can have a hotel. Bloomington elected his candidates last Tuesday, so the only thing that can stop him is the local taxing bodies that have to agree to not get any increase in property taxes if any is created by the TIF. The City wants to use the TIF (Tax Increment Financing) proceeds to pay the $17,000,000 difference between the value of a hotel and what it will cost to build.
Looking at the last TIF may help understand what will happen. See what the City reported to the State of Illinois here: (See summary on page 3)ftp://ftp.illinoiscomptroller.com/LocGovTIF/FY2014/06402530/14TIF06402530Dwtwn_Cendistrict.pdf (Click to enlarge)
A list of where the money was spent follows. Almost $17,000,000 was reported received through taxes, but expenses don’t show where it went. Most spending shows private investment. Meanwhile, I got an email yesterday from a guy saying he has never seen so many empty spaces downtown with For Sale or For Lease signs.
Keep scrolling down on the TIF report. You will find minutes of a meeting held and a list of the taxing bodies that have to agree.
Further down there is one interesting paragraph about Normal and all their TIF districts they use to fund development, including Uptown:
A little further down is another interesting comment. It looks like the other taxing bodies don’t have to approve a new TIF district. The Council can pass it with a super majority! 8-1, no problem. Screw Dist 87, Unit 5, and Heartland – Renner needs a hotel.
2 thoughts on “Bloomington: TIF district reporting”
TIF can also be stopped by the state legislature. It needs a chief sponsor. If not, it can’t be formed.
I thought the legislature made some changes to the TIF requirements because of all of the complaints for every whip stitch TIF that was popping up. What they changed I don’t know.