By: Diane Benjamin
I found this old WGLT story while looking for something else. It’s always fun to see what taxpayers were told before a project and compare it to reality. This article is from March of 2016.
Source: wglt.org Estimating Taxpayer Support Uptown Construction Project
WGLT and the Town of Normal disagreed on the total cost to taxpayers:
Excerpts:
The first floor is still empty.
If you don’t want to pay for Uptown 2.0, change the people who believe in the current “plan”.
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I need reader support to continue bringing you news the rest of the media ignores:
Mr Koos has a VERY TWISTED sense of business!! In a recent Pantagraph story, the “uptown HYATT” is being sold because because of under performance, however, koos says that the hotel has had an “uptick” because of business from ISU and Rivian related stuff, and he basically spews out that it will be FINE.. He SHOULD quit his job as mayor and become a “spin doctor”!
A goal without a plan is a wish. 1 Uptown Circle is just that. I find it telling that Koos doesn’t want us to count the premium rate, 30-year, no cut lease agreement. The developers would not have agreed to the project without this taxpayer-funded giveaway. By the way, there’s plenty of vacant commercial and industrial property for Town employees. But, of course, Koos wants them in Uptown so he can keep his eyes (and spies) on them. Uptown is overwhelmingly controlled directly and indirectly (rent subsidies, tax rebates, etc.) by government, they might as well call it the Kremlin.
*Correction: 15-year lease
The city did not need *that* particular space. If they did, why not pay market rate? If I buy an item with a market value of $1 for $1.25, that does not mean the item now has a value of $1.25 just because one person/group is willing to pay more. Thus, there is at least part of that lease cost that increases the town subsidy.
You can put a price on convenience. It’s why living in particular areas of major cities costs more. It’s why other banks charge higher ATM fees to use their machines than finding one of your own bank. It’s why fast food can cost more than going to the store and buying food to prepare yourself. Just because it would be convenience to have Dept A in close proximity to Dept B that does not mean it’s work $X million over 15 years.