Sunday, May 08, 2005

More Self Deceit??

I like to look back at what some people said from time to time. Here are a few quotes that are interesting:

Demosthenes warned us two-and-a-half millennia ago, “Nothing is easier than self –deceit. For what every man wishes; that he also believes to be true.”

It is appropriate to quote this ancient at a time when some in our community including the JSEB believe we will be comparable to Memphis, Dayton or Cincinnati in the not too distant future. Remember we were told we would all benefit from new, partially funded taxpayer projects, such as the RiverPlex, the new ballpark, One Technology Plaza and the Gateway Building? None of these projects have come close to projections. The two most highly promoted facilities; used up approximately $10,000,000.00 of local taxpayer dollars not including what Former Governor George Ryan threw in from the taxpayer funded Illinois First Fund.

An article dated 2/24/05 in the JS quotes Park Superintendent Bonnie Noble “construction of the new zoo could start in the fall of 2007.” An article in the JS dated 4/29/05; quotes Mrs. Noble as saying “We’re probably talking about the first of next year (January, 2006) as a construction starting date.” (A leap forward of approximately 18 months). A JSEB editorial dated 4/24/05 states “$17 million in private donations has been collected (I believe they mean “collected and pledged,” (A big difference!!) and the Zoological Society is still approximately $15 million short of their goal”. A JS article dated 4/29/05 says “$18.5 million has now been promised or banked for the project. That amounts to nearly ¾ of the estimated $26 million (On 10/3/04, the JS said the estimated cost was $32 million) the PPD has said it need for construction.” Again, conflicting data is being released by the PPD as I’ve pointed out in previous blogs.

In a JS article dated 5/23/02, I quote from this article “Operating Agreement Approved for Zoo with the Peoria Zoological Society to raise $25 million for the zoo expansion and setting up an endowment for the zoo. Income from the endowment fund will be transferred each year and used to maintain and upgrade the buildings.” Now, the word “endowment” has disappeared from any news reports?? And is the cost $25,. 26, or 32 million and does that include an endowment fund? Let’s say 2 million was for an endowment fund and the investment paid 6%, that’s only $120 thousand income per year, not nearly enough to operate the zoo, as well as maintain and upgrade the buildings, especially when it is known that the present small zoo loses about $400 thousand a year.

On 2/24/05, the JS reported “Zoo hopes to revive faltering fund-raising campaign” yet on 4/29/05 Mr. Cassidy is quoted “the fund raising was never sluggish or slow in its pace. There was always a lot going on behind the scenes.” Hmmmm.

I refer you back to my earlier blogs titled “Zooilogical.” Not a lot of what is being said makes much sense from a financial standpoint. However, this much is clear:

1. A new zoo is going to be built. Period. It is ordained to be built at any cost.
2. It looks almost exactly like the RiverPlex that started out at $12 million and cost over $20 million.
3. As the PPD Riverplex, it is ordained to cost the taxpayers big bucks. The RiverPlex will be four years old in August. At this point in time, it was projected to be making large sums of money yet not one dollar has gone toward paying the principal and interest on the bonds let alone making enough to cover operating costs, ($6,000.00 a day in losses thru 12/31/04.)
4. I predict that if the park has a business plan with a budget, you the public, will never see it because, like the Riverplex and ball park, it would be ugly. (I twice asked one of the major donors for a copy of the business plan. I’m still waiting.)

I think it is extremely important that the public in general realize what is going on in Peoria right now. As to the PPD, its president has made these following misleading quotes in the past:

1. “If the growth in our community continues at only a fraction of what it has the last five years, most, if not all, of the bonded indebtedness will be paid through RecPlex operations.” These comments were printed in the JS on 3/21/99 justifying the building of the RiverPlex . This statement proved to be highly misleading. (New bonds totaling approximately 12 ½ million have been sold partially to help cover this shortfall.) Mr. Cassidy is quoted in several articles that these yearly bonds are sold to develop new facilities, yet a review of these bonds (available to the public.) show that most of the money is used for “operations and repair.” Does anyone know of anything new the park has built since the RiverPlex that would justify the issuing of millions in new bonds? All I can find is $250,000.00 for a skateboard park (if you can find it and call it a real skateboard park. It’s all above ground and not nearly as challenging as Mineral Park in Pekin. The PPD built a Mickey Mouse version.)

2. On 1/23/03, Mr. Cassidy is quoted in the Peoria Observer as follows “(Widmer) thought it (the RiverPlex) is losing $760,000.00 a year. Where that idea came from, I have no idea.” A financial report dated 9/18/02 issued by PPD administration indicated that actual RiverPlex losses were $1,187,845.00 thru 12/31/01!! The report further stated that projected losses for 2002 revised were $878,547.00 and the 2003 budget projected a loss of 783,526.00. The report further stated that these losses did not include the “scholarships” which were to make up 1/3 of the membership. RiverPlex losses actually came in much higher totaling approximately $7,000,000.00 in the first 40 months of joint operations.

3. An article in the JS dated 8/9/03 quotes Mr. Cassidy “We’re confident we’ll have a softball facility for 2006.” (This was the PPD’s late answer to the successful ball fields at Eastside.) Unfortunate or fortunately, there was no money put in the PPD 2005 budget for any softball complexes that park administration say will cost from $1.25 to 2 million to build and unspecified dollars to operate.. Veteran softball players in Peoria say the PPD is 10 years too late and with Eastside and Bloomington dominating the tournament locations, new Peoria ball parks would be big losers.

When I blog, I give you figures that are available to the public either by reading, asking or filing a FOIA. Some of these facts should be disturbing to taxpayers in the City of Peoria and in some cases Peoria County. Large facilities costing large amounts of money to maintain after the generous benefactors succeed in getting them built. These facilities and there accoutrements are going to be here for many years, thru good economic conditions and bad. We will be hearing from many more unhappy taxpayers in the not too distant future.

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