By: Diane Benjamin
The Town of Normal owns a building at 102 W. North. ISU used it for awhile, the front is now rented to Ohmfit. You might not know the back is rented to Friends of Dan Brady for a campaign office.
Since the building is being rented, property taxes should be paid, the building is listed as exempt – Pin #14-28-430-015.
Friends of Dan Brady is paying $4800 a year 102_W_North_-_Brady
Ohmfit is paying $2160 a year: https://www.normal.org/ArchiveCenter/ViewFile/Item/2657
The Town of Normal is paying all utilities. I compiled this table from the bills I received by FOIA. 5 months of Ameren bills were still being paid by ISU, so the actual number is higher.
The Town is also paying for insurance on the building. The agreement with Brady says the Town constructed a wall between his space and Ohmfit. It also states the Town will pay the taxes.
Rent income from both is $6960 a year
Insurance expense is unknown
Property taxes aren’t assessed
Utilities I estimate at $2000 a year after adding the 5 months of missing Ameren bills.
It appears this rental property is actually making money. The Town bought the property in 2006, they eventually plan to tear it down to complete the “Circle”. The previous owner paid $1794 for property taxes in 2005.
The Town paid $800,000 for this building, 104 W. North (rented by Brady and Davis for $1 each a year), and 104 and 106 Broadway. Both of the Broadway properties were given to Commerce Bank with an estimated value of $200,000 each. Evidently both 102 and 104 W. North are worth $200,000 each. Who gave normal permission to buy give away properties?
The Town is paying property taxes on 104 W. North parcel #14-28-430-014. This year they paid $7,765.78. That means taxpayers are subsidizing that building. Taxes on 102 W. North would probably be similar is they were paid, that would mean taxpayers would be subsidizing tht building too.
To me this story speaks volumes about the value of Uptown and what it took to get developers to invest.
What does it tell you?