By: Diane Benjamin
The lovers of all things downtown like to claim the last TIF was a huge success.
How about some facts?
212 N Center – the address of the Ensenberger condos – shows 31 units on the County website. Only 8 of the 31 are now owned by someone other than the Huffs. http://mcleanil.devnetwedge.com/ (under site address – type in 212 N Center Bloomington)
The taxable value listed for the 8 properties are:
14,533 18,739 19,572 23,219 15,727 7,739 20,574 10,727
The taxable value is supposed to be 1/3 of the actual value. One of two things are true:
- the properties aren’t worth what they sold for
- the properties are seriously under assessed – meaning your taxes are higher because “fair share” doesn’t apply to 212 N Center
These 8 properties have Selling Prices listed from $98,500 to $285,000.
One property sold in 2013 for $350,000 and again in 2015 for $224,000.
Now look at what was reported to the State for this TIF:
See the Cumulative column – meaning from the beginning of the TIF in 1986.
2011 Downtown TIF report
Page 3 – ftp://ftp.illinoiscomptroller.com/LocGovTIF/FY2011/06402530/11TIF06402530Dwtrict.pdf
The biggest revenue source by far is Transfers from Municipal Sources.
Maybe somebody should ask the City what that means since there is no explanation.
To me it means the TIF DID NOT generate enough money to pay for itself. Tax dollars had to be used to fund the difference.
I bet the 1986 Council stated tax dollars would never be used. (Just like the one on tonight’s agenda and the Coliseum)
Documents that far back aren’t available on line.
This report claims the Tax Increment increased $16,620,937 (15,369,595+905,881+345,461). I’ve heard City employees claim $30,000,000+. The 2014 TIF report shows the same numbers. (It ended around then except for legal expenses)
The City needs to substantiate their claims about the last Downtown TIF being a success. These numbers don’t show it.