By: Diane Benjamin
The Uptown TIF report was not published with the other 4 TIF reports on the Comptroller’s website because it had errors and was returned to Normal for corrections. That information comes directly from an employee at the Comptroller’s office, she didn’t tell me what errors.
You can see the report here: https://files.illinoiscomptroller.gov/LocGovTIF/FY2022/06409531/22TIF06409531Downtown_volpment_1.pdf
This report is IMPORTANT for two reasons:
- The TIF expires in 2026, the debt that remains will be paid by the taxpayers of Normal instead of TIF revenue.
- Unit 5 will benefit when the TIF ends.
Normal got to keep $2,663,449 last year, that reflects the increase in property taxes paid by development in the TIF.
In FY 2021 Normal kept $2,614,277. In FY 2020 it was $2,572,930.
In FY 2022, which ended 3/30/2022, Normal paid $1,104,380 in principal and $957,180 in interest.
Normal is still paying subsidies to developers. See PDF page 7. The whole report is worth reading, especially the letters at the end. Of course those letters are getting close to a year old. (Nothing better than timely information!)
How much is Unit 5 going to receive when the TIF expires? For FY 2023 and following the TIF income should continue to increase, but I will use the $2,663,449 number anyway:
This is a random property tax bill in Normal:
About 61% of the total bill went to Unit 5.
That means 61% of the TIF money will go to Unit 5 when the TIF expires:
$2,663,449 x 61% = $1,624,704.
That is just the Uptown TIF. Not included is what Unit 5 will receive from new construction and growth in the EAV.
I’d like to know how Unit 5 ran deficits for years without raising taxes. By having massive reserves from over-taxation?
4 thoughts on “Normal’s Uptown TIF report, finally”
Unit 5 borrowed millions of dollars at least the last 2 years for operating expenses. Now it is time to pay the piper
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Ok. With the revenue stream from the expired TIF and the growth in the EAV & new construction, Unit 5 should be all set. No new buildings. They especially need to redistrict to balance the high schools. West “only” has 1600-1700 students. NCHS has 600-700 more students. That’s ridiculous. NCHS has been overcrowded for at least 9 years. It’s not fair or safe to have so many students in that building. It wasn’t built for that many students. And for those parents who can, please Homeschool your kids. Get them out of this cesspool altogether.
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Meeting tomorrow, doing a story