Time for an update on the Peoria Riverfront Museum project.

New Markets Tax Credits

On October 5, the U. S. Department of the Treasury awarded $3.9 billion in New Markets Tax Credits to 61 organizations. The Peoria Riverfront Museum will now try to get some of that funding for their museum project.

According to an August 29 Journal Star article, Lakeview Board Chairman Jim Vergon told the city council that “officials are waiting to hear if they can secure $100 million in New Market Tax Credits, which will generate the necessary $22 million needed for construction to begin.” It looks like they’ll have their work cut out for them.

Awards ranged from $12 million to $133 million for each organization. Each organization gives a brief description of the kinds of programs it’s interested in funding. A couple look like good candidates for the museum project: the Urban Development Fund, LLC (which was allocated $60 million), and USBCDE, LLC (which was allocated $125 million). However, I’m not sure how likely it is that the museum will get the $100 million they’re seeking, since it would mean getting a significant portion of one or more organizations’ allocations — and there is fierce competition for these funds.

The organizations have several months to dole out their New Market Tax Credit money, so the museum group doesn’t know when they’ll find out how much, if any, money they will receive.

If they don’t get enough of the New Market Tax Credit funds, they’ll be looking for other public funding. I’ve heard an unsubstantiated rumor that they’ve approached Illinois Central College about possibly using their bonding authority, but were turned down. Rumors persist that they’re looking for a way to access the Public Building Commission.

IMAX still a possibility

Last month, museum officials met with the folks from IMAX to talk about bringing the big screen theater to Peoria. Kathleen Woith, Vice President of Communications and Community Relations for Lakeview, had this to say about their progress:

Our visit to Toronto to talk with IMAX and see some of their new digital technology went very well. Negotiations continue, also, and we are very optimistic that the theater at the Peoria Riverfront Museum will be an IMAX.

As we continue negotiations with IMAX on leasing costs for their projectors and films, we are working with our architects and consultants to integrate the IMAX technology into the theater design. This is a very complicated process. Among the thing we are looking at are: how many seats and how far away from the screen, what angle will the seats be, how big will the screen be, what will be the projector location, how does digital technology affect 3-D films, and even how much do we pay for the hundreds of 3-D glasses we will purchase and how much will the 18-foot glass washing machine cost?

Operations costs also are being negotiated. How much will we pay for the IMAX digital movies? And how much will leasing costs be for the first-run movies at night.

Will it happen? If we successfully fund and build the Peoria Riverfront Museum, yes, we will have a “giant-screen” theater and it most likely will be an IMAX. Will it not happen? If we don’t fund and build the Peoria Riverfront Museum, we won’t have the theater.

We are very pleased with our progress with IMAX and are looking to a long and entertaining relationship with them.

Having an IMAX in Peoria would be awesome. I hope that becomes a reality, whether it’s the museum or someone else who brings it to town.