By: Diane Benjamin
Normal has a total of 5 TIF districts.
See One Normal Place recap here: https://blnnews.com/2019/12/27/one-normal-plaza-tif/
See Uptown recap here: https://blnnews.com/2019/12/16/uptown-tif-facts/
TIF report: 19TIF06409531Main_I-55_1
This TIF originated in 2008. Last year it generated it’s first property tax increment – $10,190.
PDF page 8 shows unpaid project costs of $8,550,000. The TIF meeting minutes don’t reference these expenses. They do reflect the below:
This TIF was started in 2008: 19TIF06409531Main_Osage_1
PDF page 8 – the Town borrowed $20,000,000 for this TIF. PDF page 10 shows $8,200,000 was used for a Fire Station. The TIF report shows only $10,923,590 has been spent.
More information is on PDF page 16. Next see PDF page 3 – Expenses were greater than income.
North Normal Warehouse
This TIF was started in 2013: 19TIF06409531North_Norarehouse_1
To date it has generated $1,180, $593 of that last year. That money was used to reimburse the General Fund for previous expenses that aren’t listed on the report. It does reference a redevelopment plan with no total cost.
PDF page 8 shows $9,455,957 yet to be paid.
PDF page 10 shows no private or public investment to date.
The annual TIF meeting didn’t take long – PDF page 14.
How did this property generate a tax increment with nothing happening at the site? The Assessor increased the value.