By: Diane Benjamin
Where radicals go to meet twice a year, the cost of conferences isn’t included:
Special clothing required?
What got appraised and for what purpose?
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
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:
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: