By: Diane Benjamin
The Uptown TIF district was started in 2003. Since then it has collected $22,889,578. Bonds totalling $80,600,00 were issued to collect that $22,889,578.
That doesn’t include interest which adds many more millions because only interest was paid on the bonds for many years. Add at least 50% to that number.
TWO developers have now backed out of building “on the circle”. One Uptown Circle was only built because of subsidies and Normal renting the entire second floor. Empty buildings exist in Uptown, drive through. Two former banks are empty right on College.
On Monday the Council will hear from the same guy who planned all of the above – Doug Farr.
Tune in early to find out what you will be paying for next. Of course different people on the Council after the April elections can disrupt further fleecing. I’m sure Normal doesn’t want other viewpoints elected, democrats know winning elections is all that matters. The HOW is immaterial.
See the FY 2022 Uptown TIF report here: https://files.illinoiscomptroller.gov/LocGovTIF/FY2022/06409531/22TIF06409531Downtown_volpment_1.pdf
If you didn’t know the Town owns the Wild Country building, review this story. It contains some great emails. Hint: opposition in Normal is Trump’s fault: https://blnnews.com/2019/10/05/talking-points-normal/
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Success depends on you measure. Normal is building to meet a street scape image. Making fiscal sense or to meet a public need are not a part of Normal’s measure.
Uptown is full of vacancies. The Town owned buildings are vacant or rented for $1 or lees a year. It’s been almost a decade and the first floor of 1 Uptown still has never had a tenant. The Subway can’t even afford to stay open. Normal rents the 2nd floor of 1 Uptown for an obscene amount of taxpayer money.
If pissing away taxpayer money on a selfish pipe dream was the goal, then yes Uptown has been a raging success.
The first floor has a tenant now, not sure if they are open yet. I bet the rent isn’t close to what Normal pays for the same amount of space.
Not related to anything Uptown South, but what kind of “truck repair” did Pam pay for at nearly $29,000? Noticed it on page 1 of the bills…
That would take a FOIA
“”That doesn’t include interest which adds many more millions because only interest was paid on the bonds for many years. Add at least 50% to that number.””
So basically the TIF owes $120,000,000 in principal and interest on the bonds? And at some point, when enough revenue doesn’t get generated will Normal have to subsidize the TIF out of Normal’s budget?
It’s been paid down some. It won’t be paid off by the TIF revenue
Yes
I just read all the emails between Koos, the Queen and their puppet Kathleen. If TIF’s and rebates are so great for some and do such a wonderful job of generating economic development, then why not level the playing field and open it up for everyone? What these idiots just don’t get is these incentives are necessary because our taxes are too high. Instead of government picking winners and losers, why not create an environment where government gets out of the way so that everyone can succeed?
Sounds like Limited Government!