There are three major possibilities as to why the planned IMAX theater will not be seen in the museum.
#1. The Lakeview Museum Committee did not raise the money they planned on to be able to afford an IMAX.
#2. Most likely, IMAX Corporation is looking at the "projected" museum financial projection figures, they have noted the difficulty of raising the private money the "movers and shakers" in Peoria promised, the possibility that the State of Illinois will go broke, and are doubtful that the museum will still be operative in 2022.
While considerable secrecy has been maintained by all promoters, there is word that IMAX Corp. does not commit without a signed 10 year contract.
#3. It is believed that IMAX asks for a guarantee in revenue. That may be why Construction Committee Chair and County board member, Andrew made the quote about less costly options.
Under any circumstances, whatever company is awarded a contract to install a big digital screen in the museum, they will demand a lot of money up front and a guaranteed stream of revenue.