By: Diane Benjamin
Bloomington already has three TIF districts.
As of 4/30/23 the Downtown Southwest TIF has produced no private investment. https://files.illinoiscomptroller.gov/LocGovTIF/FY2023/06402530/23TIF06402530Downtown_outhwest_1.pdf
The other 2 TIF’s have spurred private investment, see PDF page 10 of both reports.
East Washington: https://files.illinoiscomptroller.gov/LocGovTIF/FY2023/06402530/23TIF06402530Downtown_n_Street_1.pdf
Empire Street: https://files.illinoiscomptroller.gov/LocGovTIF/FY2023/06402530/23TIF06402530Empire_StCorridor_1.pdf
Tonight is a Public Hearing on creating a 4th TIF that covers more than just downtown:
One more color should have been added to the legend: Empty buildings.
Other than this Public Hearing not much is on the agenda for tonight: https://d3n9y02raazwpg.cloudfront.net/cityblm/f711cd49-5bbe-11ee-ae13-0050569183fa-d854eb82-3702-4140-9de6-ac3a8e3f379d-1720197250.pdf
The packet is only 85 pages long, it’s going to be a short meeting. I do predict Public Comment will happen, probably not on the TIF however.
Keep in mind TIF’s deprive other taxing bodies from sharing increased property taxes for up to 23 years with a possible 12 year extension.
Why doesn’t Bloomington just TIF the whole city?
Well, because they’d rather FCK everyone else.
Sorry couldn’t help myself. Deletion on this post would be understood.