Along with all the fine coverage on the subject by The Peoria Chronicle, more questions and more time should be taken by the council to advise the risk to the taxpayer.
Not a single large partially or completely taxpayer funded venture completed in the City of Peoria since year 2000 has met their projections. Two more, the zoo expansion and the museum are highly suspect.
I was told that if the city does not go ahead with the hotel deal, where will the Civic Center put all the people that will be attending their conventions? Okay, let's start with the simple question of what does the Civic Center 2008 Budget look like through November, 30, 2008? Why is that important one council person asked? It's important because if they are losing a lot of money, they are going to lose a lot more between now and the end of this world wide recession. One of the first costs convention going companies cut is the cost of hosting or attending conventions. The more companies that fail during this economic shake--up will be less companies to attend or host conventions of the size the Peoria Civic Center is bidding to host.
Dream big Hollings and community leaders say. Let's really hope their dreams come true because the people that will be affected if they don't are not people with high salaries, paid health care and generous retirement benefits.
And the developer has to be saying isn't this a great country? He has no real monetary risk. If the projections don't turn out, the taxpayer will make up the deficit.