Peoria's Bids For New Market Tax Credits

I believe those that those interested, or better have an interest in what is happening with the PRM project, should get a better picture of the current situation. I have most of the facts and started putting them on this blog site a couple of years ago. At times, I've been the only source open to the public or I should say the only reasonably correct source. My files on the subjects I blog on are factual based on my extensive data collecting system.. I use a lot of info available through various source of media.

Refer to a JS article by John Sharp, titled "Peoria projects line up for funds", dated 10/14/09, less than four month ago. John wrote "that the proposed Marriott, the Holiday City Center and the PRM are among those competing for $28 million in tax credits. (New Market Tax Credits) The Holiday Inn City Center, at this point, is the only one of three that is a private venture." The Centre has recently asked the City of Peoria for $8+ million. (I note the City of Peoria State of the City address banquet was held at this financially struggling hotel)

So the Caterpillar letter from Owens and Oberhelman, is blaming the county for not getting these "taxpayer funded credits" when nothing has appeared in print that any decision has been made to give any NMTC to nay of the three. To my knowledge, the PRM Committee has not notified the county of any information saying they are NOT going to get some of this "shovel ready" money.

How can any of these three projects be called "shovel ready" which is "supposed" to be a major criteria for receiving NMTC? Gary Matthews, the Marriott developer said 4 months ago his project was "close to happening". The PRM is still "trying to raise capital from anywhere mainly the government. There condensed financial statement made available to the county for the period ending 12/31/09 indicate that many of the museum "projections" have not panned out.

See my next blog will give a review of the additional financial info the county requested. (After the Feb. 4th meeting "County Committee as a Whole", 3 PM, Rm. 402, County Courthouse, an open to the public meeting.