Wednesday, December 16, 2009

More PRM Facts 12/16/09

As stated on this site on the past, it was confirmed yesterday in the counties Facility Committee meeting that the taxpayer will fund more than 67% of the cost of the museum building and the improved site and that the private sector will pay less than 33% including the $15.2 mil. donated to the museum by Caterpillar and it's foundation. (Look for The Observer to carry an article in future publications as DeWayne covered the meeting)

I erred twice yesterday. I was told the relocated and expanded sewer cost was $1 mil. It is actually $1 and a half mil. Then I sent an email to the mayor in error. The County will pay $750,000 and the PRM Committee, not the City will pay the balance of $750,000. I also learned that the PRM Committee raised $14 mil. in cash and has spent $10 mil. on expenses to date. Leaving $4 mil. in cash on hand along with $11 mil. in pledges; pledges that are just that, pledges.

Caterpillar and it's foundation have pledged $15+, unfortunately a lot of that money is in the $10 mil. spent so far. Caterpillar stopped making cash payments to the PRM earlier this year and is only contributing matching dollars. Cat has also indicated by a letter to the county that they may downsize the Visitors Center, originally planned to cost $41 mil.

A million plus was supposed to be held for endowments. No figure was given yesterday except to say the endowment had not yet been funded.

Flash back to an article in the JS, written by Jennifer Davis, Reporter on 12/04/05. Here are excerpts quoting Doug Stewart, banker and member of the Lakeview Museum Board: "when you have $20 mil. in the bank, that a good place to start. Part of the $65 mil. is a $14 mil. endowment."

What happened to the $14 mil. endowment and why only $4 mil "in the bank" four years later, Mr Stewart?

Peoria County Administrator, Patrick Urich, has "hinted" that the $34.7 mil. being raised by the new sales tax kicking in Jan. 1, to be used to finance the museum building and the cap could be raised to $40 mil. and include the endowment.

What say?

At least some County Board Members are starting to ask questions. Many more questions and accurate answers need to be forthcoming from all involved.

Stay tuned as this is part of the "mess" described by Mark Johnson, paid coordinator representing Peoria County.

No comments: