The news media reported today that "GM Plans to Repay U.S. Loan". Good news, right? Well, not so fast, read on, "The carmaker plans to use other money (OPM) it received from the government to pay back the borrowing."
Sorry, GM, my daughter just bought a Ford product, I drive a Ford product and when my wife trades in her auto, it WILL NOT BE FOR A GM PRODUCT.
In the JSEB critical editorial of the the city, the mention the not even underway new hotel while not even mentioning the well=underway, financially unfunded Peoria Riverfront Museum. Nor do they mention the "can't fail" U.S. Cellular Coliseum in Bloomington that has lost money 35 or the 36 months it has been open. Bloomington now faces a massive debt payable for years and years into the future and has a great possibility of putting their bond ratings in jeopardy.
Can you guess why the JSEB is not mentioning the Coliseum? Throw in the Peoria Baseball Club and their inability to turn a profit since 1994, at least, for this stockholder, look at the underfunded PRM with an endowment of only $1.5 million in the bank (JS - Nov. 7, 2009) out of a promised $5 million of an actual need of $7 to $14 million and the answer why not, is easy. 360,000 (Methodist CEO Michale Bryant said expect 400,000) yearly paying attendees to the area, $14 million in new business (per two Bradley professors) a discount of 15% on galleria visits promised to Peoria County residents, out of town visitors will pay the sales tax also so why the discrimination?, a parking garage (pay to park as opposed to free parking at Lakeview) as yet unfunded, an environmental impact study not yet completed, $80 some million borrowed money on "projected" sales tax revenue over a period of 20 years, no contract as yet worked out with the county and no news of any contract with the big promised IMAX. That one is easy to figure. The money has yet to be raised to build the $78 million museum building.
Waiting for more PUBLIC TAX DOLLARS? What do you think? Trust us, the PRM Committee said, the public will only need to put up one third of the cost of the museum. Yes, Virginia, there really is a Santa Claus. Santa's living at the North Pole was the myth.
Sure and trust most governments to "balance their budgets without raising taxes." But your property VALUES will rise. Maybe not your property but just trust us.
On November 10 the JSEB warned the city not to gamble with public safety and PERCEPTIONS.