By: Diane Benjamin
Tari thinks a Public-Private partnership can save the State Farm building in downtown Bloomington. Jenn Carrillo must think she can bully State Farm the way she did the Gypsy Room.
If you don’t understand the hazards to your wallet, keep reading. If you do, a petition to “Let It Go” is on-line collecting signatures: Let the State Farm building go
1 Uptown Circle is a public-private partnership. Normal sold the developer the land for $1 and loaned them $2.75 MILLION. Add the cost of renting an entire floor for 15 years – around $5.9 MILLION – the total cost is $8.65 MILLION.
Keep in mind the first floor is STILL vacant. The “fining dining” restaurant dying to locate there never materialized so taxpayers aren’t getting their $2.75 MILLION back.
That is what Public-Private partnerships do – transfer risk to TAXPAYERS. Details here: https://blnnews.com/2018/03/17/more-on-uptown-circle/
The Hyatt is also a public-private partnership – Normal borrowed money to hand to the developer to build both buildings. A total of $7.85 MILLION of taxpayer money was loaned to the developer to be paid back with hotel taxes, TIF funds, food and beverage taxes, sales tax, and utilities tax. Normal was also going to rebate up to $1 MILLION of Sales Tax.
A State Farm Public-Private partnership will do the same thing! Take your money, hand it to “friends” never to be seen again.
My power went off THREE times while writing this story! Hopefully it’s back on for good now.
One more thing about the Uptown empty first floor. There is nothing in the ordinance that Council passed March 17, 2016 penalizing the developer for not obtaining a tenant on the first floor. Normal failed to protect their investment because the building would not have been built if they had. Normal did want to have a say on WHO the tenant is. How many have they rejected?
See all the documentation here on 1 Uptown Circle – including a statement of how stimulated the Uptown economy will be because of the non-student housing (luxury apartments). PDF page 193 and following http://normal.org/ArchiveCenter/ViewFile/Item/2058
Now, go back and sign the petition. If the building was capable of turning a profit, public investment would not be needed. Since State Farm failed to sell it, the private sector knows the building has no future. Tari should be thanking State Farm for tearing it down, unlike the other property owners in downtown Bloomington who are waiting for government to buy them out.
Maybe the city should form a partnership with the owners (“developers”)of the following properties:
Front & Center/commerce bank/elks
Old Pantagraph building
CII East
I am sure they can get something done, because those are thriving redeveloped properties!
Given the stellar track record of Triple Taxin’ Tari’s other real estate gambits, I would prefer to see him turn at least ONE of the numerous parcels bought on our dime into ANY profitable or useful venture before gambling on another pipe dream with taxpayers money.
If only he would have focused his efforts on attracting LARGE businesses and corporations, there might have been a market for that building.
As iconic as that building is to lifelong residents (and I admit a degree of sentimentality as well), it isn’t ours to decide whether or not it stays. Let it go already.
When it gets razed to the ground, maybe Tari can get that Downtown Economic thing-ga-ma-jig Association to get off their butts and start earning their pay.
Build an economy Tari (if you can) – not a real estate portfolio.
Why did Ron Morehead get $15,000 to tear down a house?
Don’t know, But the city does pay people to tear down condemned houses
Please enlighten us.
It is so abundantly clear that OUR TAX MONEY is going into the pockets of the friends of the leftist progressive be marxists. Every street, road, and boulevard be in Bloomington and Normal SHOULD BE NEWLY PAVED. But, these mayor’s and council people have to first make sure that OUR MONEY is funneled to their friends who pose as consultants, etc. These people are crooks. They give this blatant theft an air of legitimacy, but it is patently obvious they are stealing our money. Our taxes could be a lot less. Fees could be a lot less. (Not intended for Stan and Karen.)
LOL, Renner and Carillo will make major fools of themselves on this one. Can’t wait!
that’s almost a given. get the popcorn ready and I’ll provide the drinks! thing is,we all know who gets the biggest shaft here:TAXPAYERS!
Let Twisted Tari and Jokin Jen TRY and save the SF building, and WHEN it NEEDS asbestos abatement, THEY can pay for it!
Is State Farm selling commemorative bricks? If so I’ll send taxin Tari one to put in his mouth. Will 2 or 3 fit?