Letters to the Editor for Niles.
After decades of perceived neglect, mismanagement, and self-inflicted blight at Golf Mill Shopping Center, retail traffic has drastically declined. Now they are asking the Village of Niles to subsidize a half-billion dollar improvement project with $96 million of TIF financing bonds issued by the Village of Niles. More retail space will not increase dollars customers spend. In 2014 Golf Mill was purchased by an “unnamed equity fund” that engaged Sterling Organization to manage the property.
In 20 years when the TIF bonds mature, the Niles politicians that approved this will be gone and we could be left with a financial mess and cost. The vague referendum put before voters is not what’s proposed here. Niles taxpayers need to see a certified financial statement of this unnamed equity fund and a balance sheet and income statement for Golf Mill for the last five years, and all information required for a home mortgage.
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