The ordinance that would authorize the Wonderful Development (downtown Marriott project) to move forward includes this justification:

WHEREAS, the City Council of the City of Peoria finds as follows:

1. That the buildings on the Project Site have remained underused for a period of at least one year.
2. That the Project is expected to create or retain job opportunities within the municipality.
3. That the Project will serve to further the development of adjacent areas.
4. That without the Agreement, the Project would not be possible.
5. That the Developer, EM Properties Ltd., meets the high standards of credit worthiness and financial strength as demonstrated by a letter from a financial institution with assets of $10 million or more attesting to the financial strength of the Developer.
6. That the Project will strengthen the commercial sector of the municipality.
7. That the Project will enhance the tax base of the municipality.
8. That the Agreement is made in the best interest of the municipality.

Is this the standard for getting $37 million from taxpayers? I can think of all kinds of businesses that could make such claims — it will create jobs, strengthen the commercial sector, enhance the tax base, meet “the high standards of credit worthiness,” etc., etc. Is that really a justification for taxpayer assistance? Where’s the line at City Hall for those handouts?

I would also like to point out that the buildings on the Project Site have been underused for the past year and a half precisely because of the previous unfulfilled redevelopment agreement with EM Properties, whose “high standards of credit worthiness and financial strength” were not impressive enough to result in actual financing of the original project. Why would the current owner try to get tenants for the vacant buildings when he has an agreement to sell those buildings for imminent demolition?

And I take great issue with the contention the Agreement is in the best interest of the municipality. If the hotels (there are two now!) do not perform up to expectations, the bonds will have to be repaid from the general fund — a fund which is insufficient to provide the basic needs of the City. The City Manager is asking City departments for wage concessions to plug an anticipated $10 million budget deficit for 2011.

Supporters of the project will point out that defeating this project will not help the current budget crisis, and they’re correct. But what Peoria residents need to know is that approving this hotel project will create a future budget crisis. The MidTown Plaza project didn’t create a budget crisis in year one either, but we’re feeling its effects now. The same goes for the Firefly Energy loan guarantee. We won’t have to pay the piper for this hotel fiasco for five years or so, but mark my words, we will be paying the piper for it.