By: Diane Benjamin
On 4/12/2016, the City of Atlanta took out a loan at the Atlanta National Bank for $495,000 to buy FIFTEEN ACRES – $33,000 an acre for undeveloped land with no water, sewer, roads or infrastructure.
See the loan document here – PDF page 15 HERE
That link is what the City of Atlanta filed with the Illinois Comptroller’s office for 2016. The report was signed by Thomas Jacob on 10/21/2016 which means the 2017 report should be available soon.
If the City of Atlanta borrowed $495,000, as stated on the included bank loan documents, why does page 8 of the TIF report show $656,238?
The column is labeled ORIGINAL ISSUANCE, that means interest should not be included since the bank hasn’t earned it yet and the TIF isn’t liable for it. Since the first 3 years show variable interest payments, the total isn’t possible to calculate!
That means: Somebody needs to explain where $161,238 is!
How did a $495,000 loan become $656,238?
Here’s more to ask about:
Were the citizens told they would be investing $30,728,106 + Capital Costs of $40,990,620 + Bureaucracy or $340,667?
Maybe they think GRANTS will cover the cost. Of course grants come from taxpayers, unless the government just adds the cost to what future generations will be paying back.
Page 14 recaps what this TIF has already cost. Look at the right column – who is making money for:
- Business District Re-development
- Marketing and Planning
- Administrative and Professional
Did it really cost the Atlanta Betterment Fund $4000 to move the carriage house? Has anybody seen the bill? Why didn’t they pay the cost instead of the TIF paying it?
Has anybody EVER seen the tax returns filed by the Atlanta Betterment Fund?
The City of Atlanta has been paying for the Atlanta Betterment Fund to send out fundraising materials, it appears the Atlanta Betterment Fund hasn’t explained how much money they have raised or what it is spent on. They need to before the City of Atlanta gives them another dime.
I’d be happy to print the tax returns if any have been filed.