Patrick McManamon from the Akron Beacon Journal writes in the JS, " Governments wonder why people think they're out of touch. In South Florida, officials have admitted a new stadium for the Florida Marlins will cost $2.4 billion (that's with a 'B') because bonds will be repaid over such a long time. They call it "backloaded". Seems like the only ones down there being backloaded are the taxpayers".
Patrick, South Florida is not alone. Backloading costs for the Peoria Public Library expansion boosts the costs from $27 million to approximately $50 million and the new Bel-Wood Nursing home from $41 million to $74 million. Just like the government, the money is almost all borrowed. Now add the bonds for the $72 million committed for Peoria Public School System expansion and the the downtown museum and you have another close to $200 million. Plus the upcoming sewer reconstruction and additions. Peorians are taking on a "world of backloading debt", just like our state and federal governments.
it used to be that the private sector took on the risk of borrowing. Today, governments are risking your money on projections they believe are in your best interests. The only "necessity" mentioned above is the sewer system. New public schools have never been proven to boast student performance.
And possibly another bunch of "millions" for the new hotel. Or hotels?
And speaking of ball clubs, why do you think the "privately" owned Peoria Chiefs ball club has never turned a profit in any year? Too much "backloading".
We may may or may not become a world class city but we are guaranteed to have a world class load of debt for future generations.