By: Diane Benjamin
Chris Koos CAN’T stop spending your money. A new library is on the way, not for books – he’s creating a social and fun club and expecting all of you to participate. Think Uptown events. Government controls your life – you aren’t allowed to make independent decisions because he is abolishing capitalism. You can attend Uptown events, events at the Connie Link amphitheater, or The Normal Theater. All run by government.
Why would a private company invest in Normal?
Without TIF money they won’t. Of course, Normal can always take more from residents to fund their folly!
Normal has FIVE TIF Districts. This isn’t difficult to understand folks. They wanted to control development, so they paid a lot of money to curtain off different parts of Normal they wanted to dictate. They borrowed money and tried to throw it to developers who would do their bidding. The increase in property tax was supposed to pay back the loans (bonds).
Massive FAIL!
The last fiscal year TIF reports are finally posted on the Comptroller’s website: http://tinyurl.com/NormalTIF
One Normal Place had income of $13,495. But, it shows a deficit of $5,225,604. This TIF was started in 2009.
North Normal Warehouse was started in 2013. It shows ZERO income, but it has a deficit of $9,457,138.
Main/Osage was started in 2008. It shows income of $298,453 which sounds good until you see the deficit: $30,915,562!
Main/I55 was started in 2008. It shows ZERO income and a deficit of $8,550,000
Uptown was started in 2003. It shows income of $1,497,228. The deficit is $53,669,333
$996,095 went to pay principle on the debt. $403,068 went to interest. $95,142 went to reimburse Heartland Bank, Steinbach, and Fred Hafner for development expenses.
The taxable value of property in Uptown was $14,669,476 in 2003
The taxable value now is $35,477,880.
Unit 5 and all other taxing bodies aren’t sharing in the increased property tax revenue. Normal gets to keep all revenue increases.
The TIF had a fund balance of $2,967 at the end of the year.
Previous Uptown reports were recapped in this story: https://blnnews.com/2016/07/26/more-uptown-tif/
Revenue in 2016 was just slightly higher than 2015.
The Town is now talking about a new library and then a new police station. Neither will generate any property taxes or more TIF revenue to pay off the existing bonds. Where is that money going to come from? Federal grants? Tax increases? Tooth Fairy?
See all the TIF reports here: http://warehouse.illinoiscomptroller.com/LandingPage.cfm?code=064/095/31&searchtype=allunits&originalSearchString=Normal%20-%20a%20Town%20in%20Mclean%20County%20-%20064/095/31&CFID=11826869&CFTOKEN=66e82939162506c2-A2B2AA6A-5056-93B5-5E008A7B6B13512B
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All of the above projects are going to be a net negative when the higher education bubble bursts. Normal is riding high on the education bubble and when it bursts the financial situation of the town will become unsustainable. They are using 20th Century (we are a forever stable college town) solutions in a 21st Century (exponentially technologically changing) world.
🙂
I just saw that Midwest Food Bank is in the process of purchasing a warehouse out in North Normal. I wonder if that is part of the warehouse TIF district.
No clue. Anybody?