By: Diane Benjamin
The big controversy at last night’s Normal Council meeting was borrowing $2.5 million over 10 years from a local bank to build the East Side Fire Station.
- That $2.5 million becomes $2,703,939 which means Normal is redistributing $203,939 from your pocket to Busey Bank.
- Kathleen Lorenz claimed this is good for the local economy.
- Normal could pay cash but they would rather do other unnamed capital projects, Reece didn’t bring the proposed budget with her so she couldn’t say specifically which ones.
- $1,000,000 was already freed up by financing a fire truck
- $200,000 was freed up when National Fitness pulled the “grant”. The Town has no plans to reverse the vote, so look for the “grant” to be snuck back in. (Prove me wrong Normal by putting the vote on the next agenda!)
- Reece claims the Town will be earning interest on the money not spent, she didn’t mention only until they spend it.
- Karyn Smith did a lecture on how borrowing works – see 23:56.
- Kevin McCarthy followed declaring Uptown was built with cheap money, he has residents wanting more while money is cheap. Did you ask them if they want to rent 1 Uptown Circle Kevin? If Uptown is so wonderful, why is that space still empty and the Town is stuck with ridiculous rent for the second floor? Throwing away millions of dollars on interest justifies Uptown Kevin?
- Scott Preston is suddenly trying to act conservative. He voted against borrowing the money with Stan Nord.
Using the logic of most of the Council, borrowing money is good because it’s cheap. Borrow allows them to “gift” you with amenities you may or may not want – like National Fitness Campaign. It also allows them to fund some deferred maintenance items they haven’t had cash for until now. They will still add more amenities they can’t afford to maintain anyway, like the underpass.
Your budget would be a disaster if you borrowed more just because it’s cheap. You have limited access to cash, government doesn’t. They always know where to get more.
47:45 – Can’t miss comment from Chemberly Cummings. She attempted to chastise Stan Nord for voting against spending water enterprise funds for snow plow equipment. Remember her comment when your water rates are increased. Cummings claimed the new equipment helped greatly with clearing snow. (Maybe not clearing the trail before the roads helped too Chemberly.)
You need affordable water everyday, you don’t need snow removed anywhere near as often. When your rates go up remember the logic used to make you pay more: Snow.
Just hit play to hear Cummings, the whole meeting was shorter than usual.