By: Diane Benjamin
Followup to yesterday’s story: https://blnnews.com/2018/03/16/hum-uptown-circle/
As reported yesterday, this new building in Uptown has no tenants on the first floor. The Town of Normal is renting the entire second floor:
According to the Pantagraph from 7/4/2016:
The town will lease 13,780 square feet of office space for 15 years, with renewal options, at a base rent of $20 per square foot. After construction reimbursement and other fees, the town could be on the hook for $28.50 per square foot — $5.9 million for the 15 years.
It gets worse though (same article):
The town plans to sell the site to Tartan for $1 and loan the company $2.75 million for the project. That loan is to be repaid over 25 years with new tax increment financing, sales tax, food and beverage tax and hotel/motel tax money.
Yep, $2.75 million of your money is at risk.
One more from the article:
In March, council members questioned the town’s decision to lease the second floor at rent levels Tartan Realty Group President Doug Reichl called the highest in Central Illinois.
The luxury apartments are on the 3rd, 4th, and 5th floors. How much do they rent for?
According to Zillow:
I hear the building has 21 apartments. How many are vacant according to Zillow?
The Normal Town Council, Chris Koos, and Mark Peterson gambled with your money.
Keep in mind, as Normal’s City Manager – Peterson was a non-voting Board member of the Economic Development Council.
With economic development like this, should we be thankful he couldn’t vote?
Does anybody else find it ironic the Pantagraph story was printed on July 4th?