By: Diane Benjamin
Normal has 5 TIF (Tax Increment Financing) districts. The theory is economic development can be spurred by government investing money and then using the increased tax receipts to repay bonds. It’s gambling with your money because if development doesn’t happen at high enough rates to repay what is borrowed, taxpayers get the bill.
I previously wrote about the Uptown TIF: https://blnnews.com/2019/12/16/uptown-tif-facts/
See the TIF report submitted to the Comptroller here: 19TIF06409531One_Normal_Place_1
This recap is on PDF page 15, Sally is Sally Hefferman, Economic Development Director
As stated above, if the TIF doesn’t generate enough revenue – taxpayers get the bill. The $483,900 came from the General Fund. Last year this TIF ony generated $19,145. The Town paid that and $104 beginning TIF balance to itself to offset that cost.
The TIF was started in 2009, to date it has generated $135,471.
PDF page 8 shows project cost yet to be paid: $3,714,530.
The Terri Ryburn gas station is also in the TIF:
The Town has spent much more than $9,633 on that property, Many of the expenses are in this story: https://blnnews.com/2019/08/21/lets-revisit-the-route-66-gas-station-gift-shop/
Maybe the Town’s new Propaganda Director can explain why at least $400,000 isn’t included in the TIF report.
Since the TIF lasts 23 years, taxpayers may eventually get some of their money back. Meanwhile taxpayers own a vacant piece of land and an infirmary.
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Interesting. It appears that part of the Old Soldiers’ and Sailors’ complex has been renovated and renamed “Normandy Village.” Would you be surprised to learn, as I have, that a Julie Hile company owns Normandy Village? Would you be further surprised to learn that nothing of significance is happening with or on this property? Social media presence is minimal and it doesn’t look like any events have taken place since September, according to their social media calendar.
Politicallly speaking,,,it’s a dirty town.