By: Diane Benjamin
Projects governments dream up never include the true cost, interest paid for decades could increase the price by 50%. It could be even worse for Normal because they are paying no principal on many of their bonds – just interest. Monday night is the semi-annual bond payments approval festivities. Of course, discussion isn’t allowed.
Last December Normal paid $2,018,187.32 in interest. https://blnnews.com/2018/12/01/normal-millions-for-interest/
Last June Normal paid $1,691,051.21 in interest. https://normal.org/ArchiveCenter/ViewFile/Item/3324
Monday Normal is paying $1,616,542.92 in interest. https://normal.org/ArchiveCenter/ViewFile/Item/3494
Are we supposed to celebrate the interest cost is decreasing?
Just those 3 interest payments total a little over $5,300,000 – that is money that can’t be spent on essential services or funding pensions.
Two years ago the Uptown TIF generated $2,172,946, the Comptroller’s office finally got around to approving the report from 3/31/19. The TIF produced $2,250,811. The TIF was started in 2003, to date it has generated $15,065,431. Government owned properties produce no Property Tax Increment to repay bonds. The STILL empty first floor of 1 Uptown Circle isn’t helping either.
Source: Comptroller data – Normal
Obviously the TIF is not generating enough money to pay the interest expense, keep in mind principal on many bonds is not being paid yet.
Guess who is going to get the bill?
The chart below is from this story:
This is just what’s LEFT to pay, not the total cost. Maybe Normal’s new Propaganda Manager will tell citizens this isn’t a problem.
(The band was playing as the Titanic sunk)
How much more debt is Normal willing to incur?
Maybe citizens would have more faith in their government if the Public Comment policy was actually legal!
Waiting to change it until the Attorney General tells you it is illegal – when you already know it is – makes you suspect at best.