Bloomington’s other two TIF’s

By:  Diane Benjamin

Downtown Southwest

19TIF06402530Downtown_outhwest_1

This TIF was started in 2016.

It shows it’s first income of $1,552.  Expenses to date charged to the TIF have produced a negative fund balance of 119,273.

Since only $21,713 has been spent according to the report – sidewalks – the negative balance is likely caused by something I’ve never seen before.  The value of the properties in the TIF have DECREASED since 2016:

decreased EAV

The $1,552 in property tax increment revenue must be from one location in the TIF.

Front Street is in this TIF – right east of the Coliseum.  The Coliseum was sold as “saving” downtown.  Laugh now.


Downtown East Washington St

19TIF06402530Downtown_n_Street_1

This TIF was started in 2018.

It shows ZERO income to date, yet the fund balance is (203,054).

$88,477 of that negative balance is because of:

fees legal

$110,759 went to:

assembly

Another $3,819 went to fence and debris removal.

$1,300,000 is planned for the developer of the old Junior high.  As of 4/30/19, the report shows no money has been spent by the developer.

Why did the City buy 404 E. Washington?  PDF page 14 claims it is adjacent to the old Coachman Hotel site.  The City plans to market the two together.  It is not on the market now, maybe by next decade (or the one after).  Nobody is buying the Main street property that we’ve been told.

PDF page 11 shows no increase in the EAV.

Se PDF page 14 for more information.


Since these three are so successful (cough), the City may be forming another one:  https://www.cityblm.org/doing-business/economic-development/tax-increment-financing-tif

 

 

3 thoughts on “Bloomington’s other two TIF’s

  1. TIF is really an abbreviation for Taxpayer is F’ed. For it to work people would be needed who want to come to do business shop etc in the area. But if that is the case a TIF wouldn’t be needed. Joseph Heller has a great book about these type of things called Catch 22. TIF are nothing more than polishing a turd, you can polish it but you can not make the smell go away.

    Liked by 1 person

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