By: Diane Benjamin
Normal’s Uptown TIF began in May of 2003.
Remember, TIF’s are created to encourage economic development. The hope is any money borrowed or promised will be paid back by the increase taxes received.
The Town of Normal 2010 – 2015 TIF Reports are on the Comptroller’s website: http://warehouse.illinoiscomptroller.com/Downloads.cfm
See the chart below. I compiled it from the available filings. The 2015 report was for the year ended 3/31/2015. It was dated 9/24/15, that means the 2016 report should be available in September of 2016.
Note: Expenses are either the same or very close to income. That makes me think some expenses aren’t being covered by income and are therefore being paid from the General Fund. (Consider that a warning for Bloomington’s TIF’s)
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Were did the $1,436,531 get spent in 2015?
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Normal is reimbursing developers for interest they paid.
This is what Normal claims has been invested by the Private sector and them:
I vaguely recall Normal’s City Manager being quoted in the Pantagraph saying the TIF funds were put in the General Fund. I don’t remember his reason.
So its harder to track? 😀
I think it has more to do with the fact that the Town bought up all the properties within their downtown TIF district so their General Fund becomes the TIF Fund. Personally, I think that arrangement is not proper.
They also aren’t getting taxes from all those Town owned properties