By: Diane Benjamin
Source: https://files.illinoiscomptroller.gov/LocGovTIF/FY2023/06409531/23TIF06409531Downtown_volpment_1.pdf
Page 1 states the TIF was formed on 5/5/2003. Now see page 11. Why did the Town of Normal use 1999? The TIF wasn’t active in 1999, was this to make the return on investment look better?
What private or public investment took place between 11/1/99 and 5/4/2003 that shouldn’t be included?
Next go to page 15:
The EAV has increased over $29 million. But go to PDF page 9 to see the debt Normal incurred to get that $29 million:
Note:
INTEREST is not included in those numbers! On some loans only interest was paid yearly. The total debt charged to taxpayers is likely close to double that $60.0 million.
I don’t call this a success using any definition. Normal will go forward with Uptown 2.0 anyway. The citizens that bothered to vote must approve.
Remember too the TIF will expire before the bonds are paid off. Normal taxpayers will get the bill.
If you’re having to invest $120 million+ in taxpayer funds to get $90 million of private investment and a boost to EAV of about $30 million, that’s a bad deal for the taxpayers.
Even if these properties lead to new revenues (sales tax, hotel tax) and new hospitality jobs, we would be better off finding a business bringing good manufacturing and/or technology jobs to the area and giving them an incentive package.