The parent company of the Marriott in Uptown Normal filed for bankruptcy last June. See the bankruptcy story HERE Now the local hotel is failing to honor “commitments” made citing their pending bankruptcy. Trouble? Trouble for the Uptown TIF? Anybody asking? . . .
By: Diane Benjamin Tonight on the agenda for the Normal Town Council is reauthorizing the lease of 104 W North Street to Dan Brady for $1 per year and FREE to Rodney Davis. This note is included on PDF page 63: http://normal.org/ArchiveCenter/ViewFile/Item/2273 If Normal actually read the law, they might find it is illegal to […]
By: Diane Benjamin TIF’s create a slush fund for government to use – supposedly for economic development. The increase in property values due to redevelopment create more taxes the City keeps instead of sharing the increase with all taxing bodies. In 2013, The Town of Normal shared some taxes – I don’t know what agreement […]
By: Diane Benjamin Yesterday I showed how Normal’s Uptown TIF is most likely not generating enough TIF money to cover expenses: https://blnnews.com/2016/07/26/more-uptown-tif/ Here’s more proof: The 2014 TIF report shows some sharing of revenue with other taxing authorities: Page 5 ftp://ftp.illinoiscomptroller.com/LocGovTIF/FY2014/06409531/14TIF06409531Downtown_volpment.pdf The 2013 TIF report also shows sharing taxes: Page 5 ftp://ftp.illinoiscomptroller.com/LocGovTIF/FY2013/06409531/13TIF06409531Downtown_volpment.pdf The 2015 TIF […]
By: Diane Benjamin Normal’s Uptown TIF began in May of 2003. Remember, TIF’s are created to encourage economic development. The hope is any money borrowed or promised will be paid back by the increase taxes received. The Town of Normal 2010 – 2015 TIF Reports are on the Comptroller’s website: http://warehouse.illinoiscomptroller.com/Downloads.cfm See the chart below. […]
By: Diane Benjamin Uptown’s 3/31/2015 TIF report: Uptown TIF This TIF was started in 2003 – remember who started it: A guy who owns a bike shop. Click on any of the pics below to enlarge them. Start with page 3: Notes: The beginning balance was zero. That means every dime generated in 2014 was […]