Monday, April 20, 2015

Peoria Riverfront Museum (PRM) - Missed Projection

Missed badly and will NEVER come close to projections. Administrator fired but Board should have been fired also. Read my reasons why this boondoggle should never have been built and  Peoria City would still own this land valued around $14 million. Caterpillar offered to build a $51 million Visitors Center and threatened the County Board  (I have the letter) that they would not build this center unless the museum was built. Then they only spent $37 million on thee visitor center and then used the top floor of the Visitor Center for corporate offices.

Brad McMillan stood before the board and claimed the taxpayer would only pay 1/3 of the $97 million  (total cost includes taxpayer formerly owned land)  museum. It turned out that the taxpayer paid 2/3 of the cost and will keep paying off the loan for another 28 years. Brad yearns to serve in Springfield one day. PLEASE.

Please challenge me on my figures or go back and read my old blogs.  I also have a Bankers Box of records on this boondoggle on the riverfront.. Easy to find. Just enter the subject and click. Upper RH corner of all my blogs.

Who cares the elite say. We wanted it and we got it. They are right, but I like many will never unless someone pays all costs. But I suspect I;ll pay for it in increased taxes as Peoria County owns the building. Meanwhile, taxpayers will continue to pay off the bonds for another 28 years or maybe more.

Next missed projections, plural. The Peoria Park District.

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