By: Diane Benjamin
The first floor of 1 Uptown Circle has been vacant and never rented since the building was finished in 2017. https://www.loopnet.com/Listing/1-Uptown-Cir-Normal-IL/10774114/
The Uptown TIF was started in 2003 and incurred a massive amount of debt. To date, according to the reports filed by Normal, the TIF has only earned $15,065,431. That isn’t close to paying off the bonds. PDF page 3 https://files.illinoiscomptroller.gov/LocGovTIF/FY2019/06409531/19TIF06409531Downtown_volpment_1.pdf
Did Normal admit in the documentation for Monday’s meeting that Uptown isn’t a magnet for businesses?
PDF page 34:
Over 5 years ISU paid $2,081,658 to cover the inside construction. Magically now they can quit paying since the highly visible corner “would likely have remained undeveloped”.
In other words, nobody would or will pay to be in Uptown.
Therefore ISU gets the space for the cost of utilities.
Their words, not mine.