By: Diane Benjamin
Besides everything else I’ve already written about, the Colonial Plaza + TIF District is on the agenda.
Here is the report you paid $36,600 for: http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=9514
Start on page 244. There is a map of the proposed TIF on page 250.
The City of Bloomington wants to claim they have a better use for property than the people who own it. Personal property rights are meant to be violated – for the greater good of course. Sound American? (Maybe today’s America!)
Page 289
Displacement Certificate:
Pursuant to Sections 11-74.4-3 (n) (5) and 11-74.4-4.1 (b) of the Act, by adoption of this Redevelopment Plan by the City, the City hereby certifies that this Redevelopment Plan will not result in the displacement of more than nine (9) inhabited residential units.
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See the cost on page 290:
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I think the TIF district will last for 23 years.
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I can’t wait to hear how redevelopment and job training both qualify under TIF rules.
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Equalized Assessed Valuation of the Area is expected to increase by $12 to $13 million – see page 298.
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Hum. Do you ever watch those HGTV shows where a couple spends $100,000 to fix up their house, then after the house is worth $150,000 more?
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Invest $21.5 Million to gain $13. Brilliant.
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By the way, your property taxes are going up Monday night too.
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The example given is: home worth $165,000 pays $18 more
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Add that to the Heartland example of: home worth $150,000 pays $5.84 more
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I’m not sure what the County increase does to property taxes.
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Add the 1% Sales Tax Increase 1/1/2016 – just hand your whole check to the government.
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And what retailer is moving in once the project is completed? Major retailers have scaled back in the last decade and as well, continue to shut down existing stores. With the closure of Mitsubishi and State Farm relocating many jobs to other hubs, what major retailer would see a future here? Mall sales are declining due to a poor economy. Looks like another multi-million dollar project to reward the crony developers at the expense of taxpayers.
Stay and run for Council! (I know, sorry for the bad language)
I think my blood pressure would rise to levels detrimental to my health.
It appears the vacant lot (the old GE building??) is “marked” for “mixed use”–whatever that means. High density housing with first floor retail/business? Extensions of “strip malls” and chain restaurants? What effect will the development have on Eastland Mall?
The city also has a tax abatement policy for economic development. Will that be used in the TIF district?
Mixed use means we can look just like Normal – and every other left leaning city in the country who take their orders from DC.
So this will be the Empire (emperor) Corridor similar to the Main Street corridor?
It’s government thinking they can create economic activity.
The GTE/Verizon building. I worked there at one time for GTE. Snyder is the owner now as far as I know. No telling what is planned for that site. Now car rental companies use the parking lot. I thought at one time apartments were planned.
I see where one of their properties is soon to be a CarMax dealership.
I am curious who snagged the Circle Lane bowling alley property. The last time I went by there it looked like they were getting ready to demolish the building.
I suspect Snyder is pushing for the TIF. I don’t know for sure but that seems to be their ball game. Once when I was on a local school board they approached the board about doing a TIF for some apartment buildings. Luckily that never happened.
I look for the Pizza Ranch to close anytime soon. I’ve heard good and bad vibes about that place.
Any bets on when Eastland Mall will fold? I was up at Brookfield, WI this week for business. I stopped at Mayfair Mall and a new Nordstrom’s opened there. Everywhere I looked up there they were building. It doesn’t appear no lagging economy there that’s for sure. The last time I was in Eastland there was nothing there at least in my opinion. The food court had maybe 3 places open. Firehouse pizza I think it was closed and pulled out.
TIF’s to me are the next mortgage bust just waiting to happen.
Snyder!?!?!? Holy crap!! The City will get screwed again!
I really need a “Like” button
Any evidence of Snyder’s ownership of that land? There are no sidewalks along Mercer because it is an old Snyder development. He can’t pay the money that is 25 years past due for Fox Creek. The City is planning to extend that Fox Creek “financing” (without interest) for another 7 years. Snyder had a hand in the Fire Station on Six Point Road and influenced the City to build the Den at Fox Creek. Does anyone see a trend?
WOW! I’ll be able to sit on Darth Vaders lap and get my Christmas card picture taken, how COOL is that?? WHY would you want to have a store RIGHT behind Riley Drive? May as well give merchandise to the Goodwill and take it out the back door.
I spoke with an employee of large business yesterday and mentioned to him that I heard his company was going to build a retail outlet in Bloomington. This company has one in Champaign and Peoria. He said that they are not going to build in Bloomington (they have the land next to the offices) it was decided to sell the land. Hmmm, they would rather sell the land than build on it…it speaks quite a bit on what they think the future would hold for them in Bloomington.
Not surprising.
I heard somebody say that Dicks is going to be moving to the old K-Mart. Is that true? If so, the future just looks great with Bloomington and Normal competing to steal businesses from each other.
True. I read about another steal from Normal but I can’t remember who.
Anyone venture to guess how many lunches and highballs at Rosies it took to make this happen?
The taxpayers are the new bank. Banks will only give the loan if it’s backed by taxpayer collateral. Bank gets paid no matter how incompetent the business leaders are. Taxpayers are left with paying the loan balance. I can see the sales tax growing another 1% once the developers build unaffordable units. Or if they are bought, the business wants government incentives to move. Aren’t these the same people who will cut their workforce when they are doing bad but still end up with raises? The mayor needs to realize that we are not Chicago! We will be the Sillicon Valley of Illinois yet! And not in a good way!
That’s why I stated up above TIF’s will be the next mortgage fiasco. It’s big gamble on the taxpayer’s dime who will get the shaft if the TIF doesn’t generate revenue.
Go to the city council meeting and speak to the council public comment at the both meetings is available.
Need to let the free market work and not a TIF. TIF is unfair to business’s already here.