By: Diane Benjamin

I continue to see comments concerning Normal’s debt. Some people don’t understand Normal paid off all their debt so they could take out bonds for the grand Uptown plan.

TIF report as of 3/31/2024: https://files.illinoiscomptroller.gov/LocGovTIF/FY2024/06409531/24TIF06409531Downtown_volpment_1.pdf

PDF page 8 shows the debt Normal too on for Uptown:

The point of creating a TIF is to generate income from the increase in property taxes. That money is then used to pay off whatever debt is required to get that increase. If the increases EAV doesn’t pay the bonds the citizens are forced to.

Many of the original plans didn’t materialize. The “circle” is still missing 2 buildings. 1 Uptown Circle was heavily subsidized. The Children’s Discovery Museum and Uptown Station were built with tax dollars and are tax exempt – they aren’t helping pay back the bonds. Some of the other building are sitting empty.

PDF page 3 shows how much money the TIF has raised through increasing property taxes:

For the math challenged:

$60,600,000 borrowed with $28,367,290 raised to pay that back means taxpayers are still on the hook for:

$32,232,710

That should be a campaign issue. It isn’t because the people running want you to think everything is fine while they charge ahead building an underpass to save 50 feet and develop south of the tracks with no natural gas.

Hint Normal: Watch a few episodes of House Hunters. I’ve never seen anyone looking for an all electric house. People do refuse to buy a house if they can’t cook on a gas stove.

Normal has total bond debt of $63,565,000 according to the data they submitted to the Controller’s office. https://illinoiscomptroller.gov/constituent-services/local-government/local-government-warehouse/processsearchresults/?DisplayMode=GETAFR&AFRDesiredData=Indebtedness&Code=064/095/31&CFY=2024&Menu=Yes&PrintIt=No

On that page is an entry for “other” totaling $131,381,446. The people running for office should be asked to explain it.