By: Diane Benjamin
EDC director Patrick Hoban showed up at the Bloomington City Council meeting to push for the $750,000 downtown study. He claimed downtown is the heart of the City (heard that before?) and he has studies that claim the Return on Investment is between 100 and 500%. He also claimed we don’t need to look too far north to see that. Just hit play below to hear his comments.
Meanwhile, do facts matter Patrick?
Uptown is not coming close to generating the revenue needed to recoup the investment. Taxpayers will be paying the bonds when the TIF ends soon. Patrick, that is less than 100% ROI.
How about all the businesses that have closed in Uptown Patrick? OHMfit, Commerce Bank, Busey Bank, and Merry Anne’s Diner. Two empty banks across the street from each other right on College are attractive.
Of course there is the NEVER RENTED 1st floor of 1 Uptown Circle – the For Lease sign is now on the south side of the building behind some evergreens so it isn’t so obvious from the circle:
Uptown is such a success that building would never have been built without the Town of Normal renting an entire floor at a ridiculous rate.
Don’t forget all the other vacancies too including the closed Subway in the train station: https://blnnews.com/2022/07/21/uptown-vacancies-and-temporary-signs/
Patrick Hoban thinks this a success. It’s beautiful and proves government can’t control the market.
Got some people who want to buy a bank property or two Patrick?
Nobody wants a street level space right on the Circle?
If this is Patrick’s definition of success Bloomington is in trouble. Worse, the vote to approve spending $750,000 for a plan that will take at least a year was 5-4.
Here’s who Bloomington taxpayers can’t blame when ROI isn’t great: Nick Becker, Sheila Montney, Grant Walsh, and Donna Boelen who only voted no because she wanted to use reserves instead of ARP funds.
The meeting lasted over 2 1/2 hours. Motions were made and defeated to be more responsible. Elections are coming fast. Who’s running? Uptown proves if you build it they don’t always come.