By: Diane Benjamin
1)
TIF report for 1 Normal Plaza: https://files.illinoiscomptroller.gov/LocGovTIF/FY2022/06409531/22TIF06409531One_Normal_Place_1.pdf
All of the revenue generated is going to reimburse the General Fund for demolition costs. Last year that amounts to $48,087. The TIF is doing little to cover the $3,588,982 Normal spent so far.
This TIF began in 2009. As of 4/30/2022 it has generated $260,553. The TIF will expire in 2032. Ryburn Place (Sprague’s) is in the TIF. I reported in 2020 what was left off the TIF report – Normal buying Ryburn out: https://blnnews.com/2020/09/30/one-normal-place-tif-proves-fake-news-is-easy/
As far as I know Normal has done nothing to force Nick Africano to live up to their agreement, this story is from 2020: https://blnnews.com/2020/03/06/one-normal-plaza-and-nick-africano/
2)
TIF report for Main and I55: https://files.illinoiscomptroller.gov/LocGovTIF/FY2022/06409531/22TIF06409531Main_I-55_1.pdf
If government has to pay someone to develop a property that has been a loser since it was built, this TIF is a success. This one is only for the now Holiday Inn in north Normal. It started in 2008. To date is has produced income of $234,083. Normal’s investments has more than doubled the EAV of the property.
From PDF page 16, the minutes from the December 2021 TIF Review Board meeting:
Or?
3)
The Main/Osage TIF also started in 2008. If has generated income of $5,609,538 top date. https://files.illinoiscomptroller.gov/LocGovTIF/FY2022/06409531/22TIF06409531Main_Osage_1.pdf
PDF page 10 shows how much Normal has invested in this project, including an $8,200,000 Fire Station. Putting a fire station in a TIF defies logic, TIF’s are meant to redevelop blighted areas.
The rest of the TIF is residential and student housing with some mixed use, in other words businesses on the first floor with housing above.
The EAV increase is impressive, it more than quadrupled.
4)
North Normal Warehouse Redevelopment start in 2013: https://files.illinoiscomptroller.gov/LocGovTIF/FY2022/06409531/22TIF06409531North_Norarehouse_1.pdf
This TIF has only generated $4,105 to date.
See the TIF details on page PDF 16 and following. This area was a partially built warehouse where not much changed until 2020 when Normal negotiated with a company to complete the project and expand the warehouse. So far Normal is reimbursing themselves for the public investments they paid.
I reported on the Uptown TIF here: https://blnnews.com/2022/12/13/normals-uptown-tif-report-finally/
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They rely on the TIF’s to increase EAV to determine ROI.