Private Funds of $8 Million Never Received But Ground is Being Broken Anyway

Note the next to the last sentence about $8 million in private funds to cover the gap. Even with more taxpayer dollars the gap was not covered. A meeting was held today (or yesterday between Dave Ransburg and Mike McCord and others to see how they were going to raise more funds, both private and taxpayer dollars.

Interesting.

Three weeks after Mr. Beasley from Caterpillar told the County Board that the "PRM and Caterpillar were intense negotiations with IMAX"; at that meeting I asked that he forward to me one small item to show the what he said to the County Board was in good faith, I have not heard from Beasley nor did I expect to.

Merle


A resolution from your Finance/Legislative Study Committee recommending approval of an Agreement for the retention of Mark Johnson as Owner's Representative for Peoria Riverfront Museum Project.




A resolution from your Finance/Legislative Study Committee recommending approval of an Agreement for the retention of Mark Johnson as Owner's Representative for Peoria Riverfront Museum Project.

Dillon moved to approve the resolution and Rand seconded. Dillon stated that Mr. Johnson worked on this project for Caterpillar until his recent retirement, so the County is lucky to have someone who is so familiar with the project. It will also allow County staff to concentrate on County business. Baietto asked what will happen if the funding needed for the project doesn't meet its goal. Where are we with Mr. Johnson? Mr. Urich replied that currently the commitment for private funding is $8,000,000.00. If the funding is not there on the private side, the project will not go forward. The County is currently committed through the referendum for $34,700,000.00, with the caveat that that commitment could go up to $40,000,000.00. However, in recent meetings, County staff has made it very clear that the current commitment is only $34,700,000.00.

Pearson left and returned to the meeting.

Widmer noted that since he was opposed to the county being involved in the museum business, it's nothing personal against Mr. Johnson, but he will be voting no. Elsasser asked if the project is put on hold whether the County will still collect the taxes beginning January 1, 2010. Mr. Urich replied that the tax was passed for a period of 20 years; regardless of whether the project goes forward, the tax will be collected. Prather noted that he worked with Mr. Johnson, and he is a class act. Elsasser asked about the timeframe for the parking garage and visitor's center. Mr. Urich replied that staff is working on a modified redevelopment agreement; the second step is to have a management agreement in place. There will also be a construction management agreement. The parking deck is a separate project. Plans are being drawn for that, and IDOT has agreed that the bid can be done locally which should speed up the process. However, Mr. Urich has made it clear that ground will not be broken, even for the parking deck, until there is $8,000,000.00 in private funds to cover the gap.

The resolution passed by a roll call vote of 15 ayes and one nay, with Widmer voting nay.