With the stock market facing a sharp decline, properties in Peoria County overtaxed, local sales taxes near nationwide highs and the entire world economy "iffy", with more concern about the $38 million loan guaranteed by the taxpayers if the $98 million Marriott Courtyard is built, with the ballpark losing 6 figures yearly, with pressure to build and staff with public dollars, a 30,000 sq. ft. Minority Opportunity Center and the $32 million dollar library project once completed soon requiring a larger operating budget, the Civic Center losing over $4 million a year, I repeat what I wrote several years ago in a "letter to the editor" that some of those public dollar supported projects had better turn out to be golden and unless the philanthropists loosen their purses,that many Peorians may get what they suspected all along, more taxes.
When Dad said 'never borrow more than you can eventually pay back', he was talking about the private sector, not the public sector that can print more money, raise taxes, fines,and fees. etc. Note that all of the above mentioned projects, adding the zoo expansion and the new nursing home, were built or are being built with the support of many unwilling taxpayers and some of those 'willing' may encounter some unexpected consequences.
The City manager says the Marriott would break even with only a 50% occupancy during its lifetime.
Hmmm, and good luck. Never forget that the shrewd, including most politicians, make money no matter the state of the economy.
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