The mayor of Normal said Tuesday that increased town incentives for the Trail East project in Uptown are worth the money.
The Town Council on Monday approved a larger allocation of future tax revenue generated by the project as reimbursement for the developer. Speaking on GLT's Sound Ideas, Mayor Chris Koos also said the town's share is not huge.
"We're about 15 percent of the equity stake in that project, right in the sweet spot of public-private partnerships," said Koos.
Koos said one of the town's objectives is to get higher quality buildings in Uptown Normal.
"Without that investment, the buildings you would see down there would not be as high a quality because they simply don't pencil. We require a higher design standard around the circle and buildings Uptown and that's why we incentivize them," said Koos.
Koos said without town investment there would be no future property tax growth to offer as incentives to developers through the Tax Increment Financing (TIF) district.
Meanwhile, the Normal Historic Preservation Commission voted Tuesday to reject plans to demolish three buildings at the future Trail East site. The town now has 30 days to designate the three Beaufort Street properties as historic or continue with already approved demolition plans.
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