By: Diane Benjamin
Note: This information is now 1 year old. The Illinois comptrollers office finally got around to setting up the structure to enter this data.
The TIF was organized in 2003. The 2016 report showed positive cash flow of $2,967. 2015 showed a positive $44.
TIF theory states increased property tax receipts and other taxes will pay for whatever the Town borrows to invests.
In 2017 it didn’t.
$1,113,386 went to bond principal payments.
$467,324 paid bond interest.
$355,581 went to developers for tax rebates.
This note is included on PDF page 15:
This is the now open building on the Circle with no tenants yet that will generate Sales Tax revenue. Many of the residential units are empty. It is also the building Normal is renting an entire floor of for $30,670.11 a month: https://blnnews.com/2018/03/17/rent-payments-and-more-normal-spending/
The entire TIF report is worth reading. Especially interesting are the minutes of Joint Review Board meeting held September 14, 2016 – PDF page 16.
Times have changed since that meeting!
How bad will the TIF report for the year ended 3/31/18 be? You should know in about a year.
Isn’t timely data great?