By: Diane Benjamin
The downtown Bloomington TIF is back on the agenda for Monday night. See the project in the packet here: http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=11529
The TIF discussion begins on PDF page 181.
A list of included parcels is on pages 265-266. The picture below is on page 267:
Property “5” is owned by the City of Bloomington. The other numbers highlighted in yellow are NOT owed by the Huff’s – all the rest are. Maybe the TIF should be named the Huff bailout instead of Downtown-Southwest Redevelopment Project Area.
The Ensenberger parcel ID’s are not included on the list and the name “Ensenberger” isn’t used anywhere in the documentation. I hope that means the almost empty condo building isn’t eligible for more TIF money.
The pic below is from page 229. It looks like the City is ready to bond $27,900,000 and hopefully pay if back with TIF income. “Hopefully” because if the TIF doesn’t generate that much income the taxpayers of Bloomington will be paying the bill.
Keep in mind:
The Coliseum was never going to cost you a dime. The then Mayor and Council said it would generate enough income to pay for the construction bonds.
Of course, it never has.
Creating Coliseum 2.0 must be regarded as a mental illness.
The only cure is voting for people who don’t think Uptown is the right vision for downtown Bloomington.
Your one and only chance is early next year.
.
.
.
an easy cure, vote Renner and his cronies OUT of office!
The City plans to acquire the properties and rehabilitate them costing the taxpayers $28M? ($27.9 sounds so much cheaper) The interest on the bond issue isn’t mentioned either. Imagine the amount of work that could be done on sewer repair with that amount of money. The previous downtown TIF was not successful–a minimal return on the investment. Stop!! Just stop!!
I looked at the plans. A lot of money to be spent with no substantial ways that this project would in any way, pay for itself. The money would be better directed toward assisting startups and attracting businesses that will actually drive a need for private investors to invest in the downtown area.
Are the Huffs politically connected or do they just happen to own the buildings that best suit the downtown improvement plans?
I heard they were told the City wouldn’t let them lose money during the last TIF and previous mayors. Of course nothing is in writing.
For a council with a “vision” they SURE are farsighted to the downtown area (vs UPTOWN, which is obsessed with theirs) . Maybe they should park their bikes, and ride the bus around town and SEE for themselves what all is here before they go throwing OUR money at frivolous projects with fairly predictable outcomes.
7-8 of the NINE think they are way smarter than the population. They don’t care what you think.