Uptown TIF and Taxes

By:  Diane Benjamin

TIF’s create a slush fund for government to use – supposedly for economic development.  The increase in property values due to redevelopment create more taxes the City keeps instead of sharing the increase with all taxing bodies.

In 2013, The Town of Normal shared some taxes – I don’t know what agreement they have to do this:

2013TifTaxIn 2014 they did it again:

2014TIFTaxSee the last 3 TIF reports here:  http://warehouse.illinoiscomptroller.com/LandingPage.cfm?code=064/095/31&searchtype=TIFSearch&originalSearchString=Normal%20-%20a%20Town%20in%20Mclean%20County%20-%20064/095/31&CFID=10580083&CFTOKEN=845d4f9926728490-5CC12B4F-5056-93B5-5EAEB5CA00B47E06

The 2015 report does NOT show any payments to these taxing bodies.  I did a Freedom of Information Act request for payment during Fiscal Year 2015.  Nothing was paid from either the TIF or the General fund:

2015TIFThe 2015 TIF report shows income of $1,436,575.  Expenses were the same.  At the end of the Fiscal Year the TIF had $44.

The TIF also shows a deficit of $56,565,724.

Besides a few misc expenses, this is where the money went:

TIF expensesIs the TIF sustainable?  $44 won’t pay much.  The 2016 report should be available soon.

Don’t forget – Normal has 4 other TIF’s that aren’t do this well.

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