Saturday, December 13, 2008

Pere Marquette Hotel's Value

If the market value of the Pere is only $9,865,800 according to the Peoria County Assessor and the Pere did a $6 million dollar renovation in 2005, Phase 1 of a promised 2 phases, just three years ago, and another $6 million as Phase 2, is the Peoria County Assessors Office so out of step with reality as I believe they are or didn't the hyped Pere Renovations take place?

Also, I believe the parking deck is owned by the city as the Pere had a 5 year contract to lease it for $100,000 a year, final payment due in 2009, why does the $11million offered by Matthews for the Pere, include the parking deck as the JS says today.

This deal is going pretty fast. How much is the risk to taxpayers in Peoria?? The gains are obvious IF the projects pan out.

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