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Normal puts its money into uptown hole

Tue, 04 Dec 2012 09:13:21 CST
By: Lee Strubinger

Normal puts its money into uptown hole Town of Normal officials say the Uptown One project could be considered high risk to investors, but is a financable project. City Manager Mark Peterson says the Town will invest revenue generated from the Uptown One project to pay their part:

Peterson says the Town doesn't need to use money from existing resources or by shifting revenue to finance their part of the project. Town Finance Director Andrew Huhn says over a 20 year period he projects $9.4 million of direct tax revenue will enter town because of Uptown One. He says that's a conservative estimate. The Uptown One project as a whole is projected to cost over $32 million.

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