By: Diane Benjamin
Empire Street Corridor
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:
COLONIAL PLAZA / EMPIRE CROSSING – BT BLOOMINGTON LLC $244,802
BAYMONT INN / BEST WESTERN PLUS – MAGNUS HOTELS LLC $940
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.