By: Diane Benjamin
I don’t know how many people pay attention to the blathering on WJBC by Forum commentators, but what Matejka said about TIF’s is nothing more than government talking points. Matejka is after all Chris Koos’ good buddy.
One side note first:
It’s great to see Democrats till haven’t figured out why Trump won in 2016. I wonder how Mike explains historical low unemployment for minorities and why lots of them have joined #WalkAway:
Back to TIFs. Matejka claimed eventually schools will see an increase, he failed to say how long that would take. The life of a TIF is 23 years with a possible 12 year extension. I guess that would qualify as eventually – like when the guys who started it are dead and gone!
Mike didn’t say that Normal has 5 TIFs: https://tinyurl.com/y3skf2cy
Let’s look at just the Uptown TIF. This pic recaps how much increased property tax value has been generated since the TIF began in 2003:
All the construction and new buildings have only generated an additional $12.8 million dollars in property taxes. Meanwhile, page 8 of the TIF report shows Normal took out bonds totaling $74,700,000 to get that return! That took 15 years. INTEREST is not included!
That $12.8 million didn’t go to Unit 5, it’s a slush fund for the Town to payoff developers to locate in Uptown and maybe some infrastructure.
Keep in mind Normal has 4 other TIF’s which also keep money from other units of government like Unit 5. Matejka left out essential details. No surprise. He also didn’t mention the long list of tax increases that have been inflicted on citizens because of the Uptown gamble.