By Mike Thayer
I wrote the following back in April of 2012. Moody's downgraded Coralville that month and they've downgraded Coralville yet again here in June of 2013. That's not a good thing folks.
Moody's has downgraded Coralville's rating because city leaders have forced residents into a boatload of debt. Check out the following numbers for TIF debt and keep in mind that this does NOT include the debt piling up for the "Phase 1 Retail" project going on in the Iowa River Landing, i.e., the micro-brewery, the proposed city owned retail office space, etc.
| Fiscal Year |
TIF Obligations |
Estimated TIF Income |
Annual TIF Surplus |
| 2012 |
$16,178,871 |
$14,385,633 |
-$1,793,238 |
| 2013 |
$16,146,285 |
$15,648,825 |
-$497,460 |
| 2014 |
$16,125,650 |
$16,115,708 |
-$9,942 |
| 2015 |
$16,098,623 |
$16,134,038 |
$35,415 |
| 2016 |
$15,815,128 |
$16,152,917 |
$337,789 |
| 2017 |
$16,254,468 |
$16,172,362 |
-$82,106 |
| 2018 |
$17,086,480 |
$16,192,391 |
-$894,089 |
| 2019 |
$7,751,163 |
$5,763,967 |
-$1,987,196 |
| 2020 |
$7,490,905 |
$5,785,216 |
-$1,705,689 |
| 2021 |
$7,378,868 |
$5,807,102 |
-$1,571,766 |
| 2022 |
$7,392,763 |
$5,800,445 |
-$1,592,318 |
| 2023 |
$7,590,020 |
$5,823,664 |
-$1,766,356 |
| 2024 |
$7,161,938 |
$5,847,580 |
-$1,314,358 |
| 2025 |
$6,170,465 |
$5,872,213 |
-$298,252 |
| 2026 |
$6,155,190 |
$5,897,585 |
-$257,605 |
| 2027 |
$6,368,302 |
$5,593,427 |
-$774,875 |
| 2028 |
$5,749,655 |
$5,618,733 |
-$130,922 |
| 2029 |
$5,716,305 |
$5,646,548 |
-$69,757 |
| 2030 |
$8,591,474 |
$5,594,151 |
-$2,997,323 |
That's called deficit spending folks, a.k.a. check kiting, floating debt.... those are negative numbers in the 'surplus' column. That's 17 out of 19 years in the RED. The TIF spending is a taxpayer money pit! It's not economic development any businessman would want to hang his hat on, but the city of Coralville is! Kelly Hayworth and his rose colored glasses aren't to be trusted. And it gets worse, the cumulative negative surplus continues through the year 2046 according to the projections obtained by the Coralville Courier.
That was back in 2012 folks. A LOT more city spending has taken place since then.....
Ask city leaders to update these numbers, you have a right to know, it's YOUR money being spent.
Coralville City Officials
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