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.
Uptown TIF: ftp://ftp.illinoiscomptroller.com/LocGovTIF/FY2017/06409531/17TIF06409531Downtown_volpment_1.pdf
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?
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But Portillos will SAVE the day with ALL the hot dogs they sell. Makes one THINK that it would have been CHEAPER just to leave the “mud hole” there.. Guess RIVAN better get busy with those cars..
TIF districts continue a long legacy of crony capitalism and back door progressive policies paid for and endorsed by the big government loving chamber of commerce… Meanwhile our school/roads/sewers/library/cc get less money (with increase demand). Ask yourself these simple questions – Do TIF districts make our city safer? Do TIF districts make our schools better? Do TIF district remove blight or move blight? Do TIF district make prosperity? Do TIF district reduce revenue for ESSENTIAL services?
Yep…thank you Chamber, Rhinos, Democrats, and Progressives.
We can always stick it to the home owner.
I recall reading in the Pantagraph Peterson commenting that NormL deposits TIF generated revenue into their General Fund because Normal “pays upfront” for redevelopment. That’s quite the opposite of how it is supposed to work. TIFs are notorious for hiding the money trail.
I think they do, but that also means General Fund money has to cover the losses.
$3M structural deficit!?! Don’t blame the Metro Zone.
Fifty years ago my father toward me that politicians are all a bunch of crooks.
Somethings never change.