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New TIF District Proposed For North Normal

Fri, 04 Oct 2013 15:47:21 CDT
By: Charlie Schlenker

The new owners of a partially built warehouse in North Normal are hoping for taxpayer help in finishing the decaying structure. The half million square foot facility was begun in 2007 as part of a Wildwood Industries expansion. But, that firm went under when the recession exposed a massive loan fraud by Wildwood industry owners. Johnston Contractors acquired the property out of bankruptcy and says it will have to invest $10 million to finish the roof, doors, electrical systems, and repair five years of deterioration. Johnston is hoping the property can be included in a new Tax Increment Financing District. Review Board reports conclude the area meets the definition of "blighted" that would qualify the land for inclusion. Town documents indicate other economic development resources could be used on top of TIF money, once a re-development agreement is finalized.

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