Bloomington’s Empire Corridor TIF

By:  Diane Benjamin

Empire Street Corridor

19TIF06402530Empire_StCorridor_1

This TIF had income last year of $388,527 from increasing property values and $7,091 in interest.   Total income since the inception in 2016 is $425,624.

The theory of TIF’s is development wouldn’t happen unless developers and taxpayers share in the cost.  So where did this year’s income go?

PDF page 4:

Legal  $5,672

COLONIAL PLAZA / EMPIRE CROSSING – BT BLOOMINGTON LLC  $244,802

BAYMONT INN / BEST WESTERN PLUS – MAGNUS HOTELS LLC  $940

iaa  $141,994

Total:  $393,408

PDF page 10 shows the total public and private investment and the amounts left to pay.

See PDF pages 14 & 15 for a complete recap of the TIF, it is worth reading.

Page 23 an following have a description of the TIF area – it’s huge.

Nothing appears to be happening in the rest of the TIF.

In case you missed it, Bloomington is now using TIF money to fix roads.   Of course the TIF deprives other taxing bodies of revenue.

Bloomington has 2 more TIF’s – maybe recaps for those next.

 

3 thoughts on “Bloomington’s Empire Corridor TIF

  1. Renner has effectively mortgaged the future for the benefit of some ill-conceived, politically-motivated projects, and the wallets of a handful of government contractors. I’ve always felt that a TIF is a backdoor to government land grabbing and controlling the private sector. Not only do TIFs virtually always fail to break even (much less deliver on the promises made), but they rob other government units of taxpayer funds and make private developers and businesses think twice about investing or relocating in the community. Renner and Koos want to centrally plan the community and the lives of its citizenry. Those that agree with or willingly go along with their planning are rewarded. Those that don’t, grow and invest elsewhere. I’d love to see the EDC interview and reach out to businesses that have left BN, are planning to leave BN, or have no interest in the community at all. I’m sure they won’t because the truth hurts.

    Liked by 1 person

  2. “In case you missed it, Bloomington is now using TIF money to fix roads. Of course the TIF deprives other taxing bodies of revenue.”
    Which means our local ‘leaders’ are not only mortgaging our children’s futures with unnecessary debt to fund their pet projects, now they’re stealing those futures outright by shifting funds away from schools so they can free up more money for their pet projects.
    Sounds like we need to elect new leaders next time around.

    Like

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