What Normal is paying tonight:

By:  Diane Benjamin

http://www.normal.org/ArchiveCenter/ViewFile/Item/3262

 

Where radicals go to meet twice a year, the cost of conferences isn’t included:

norm 4-1

Special clothing required?

norm 4-1a

What got appraised and for what purpose?

norm 4-1c

Below are payments made to developers for one of Normal’s 5 TIF districts.  The available information is a year old, we won’t have current info for many months.

Link to the 3/31/2018 TIF filing:  18TIF06409531Main_Osage_1

Some of the information conflicts with other parts, but start here:  PDF page 10

 

mainOsageTIF

Developers invested $37,523,851, Normal plans to invest $10,164,321 + $771,400  + $15,680,000 = $26,615,721.

That number includes $8,200,000 for a fire station.

This is on PDF page 11:

page11

The Equalized Assessed Valuation has increased $9,556,110, that is a number Koos and company likely thinks is great.  Keep in mind total private and public investment is over $47 million.

The TIF report claims (on PDF page 3)  $790,302 was generated last year.  Normal does get to keep all the increase from all taxing bodies but I could not determine how that number was arrived at.  Only 3.33% of the value is taxed, that means ($9,556,110 x .0333) =  $3,182,184 is taxable.  The total tax rate was 8.652820, meaning the EAV increase generated $275,349.  That is a long way from $790,302.

Below is what Normal is paying developers tonight on this project, the TIF lasts until 2031:

norm 4-1b

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