By: Diane Benjamin
This is the Uptown TIF report Normal filed with the Illinois Comptroller’s office: 19TIF06409531Downtown_volpment_1
The TIF was started in 2003 – most of it lasts for 23 years. Part was recently extended 12 years because building isn’t finished yet. The original TIF expires May 3, 2026.
See PDF page 3:
The Town would rather show you how much private investment has taken place, they want to ignore what it cost taxpayers to get that private investment. The Uptown debt is still around $80 million, since the inception the TIF has only generated $15 million. Most of the TIF will only last another 7 years. Guess how that debt will be paid when the TIF expires and property taxes go back to normal distribution?
What did Normal pay with the TIF money generated:
See this story for details: https://blnnews.com/2018/01/24/they-paid-it-twice/
Note: Two of the five bond payments are interest only
The increase is Equalized Assessed Valuation (EAV) is impressive:
The $27 million EAV increase cost taxpayers far more than that. It will continue to cost taxpayers for MANY years. Private investment would be impressive if Normal hadn’t paid developers and given away land to coerce developers. Keep in mind the 1 Uptown Circle main floor is still empty and the Town is paying over market value to rent the entire 2nd floor.
Every wonder why government debt is not a problem, even if only interest is being paid? If your kid did this you would call them irresponsible. Government can tap your wallet, the decades of interest expense is immaterial. It’s monopoly money. Have they hired the Propaganda Manager yet? The spin should be fun.
Normal has 4 other TIF’s.
Reports on those eventually.