I got the impression from the City Council meeting Tuesday night that all of the financing for the Wonderful Development (downtown Marriott) was in place, and all he needed was the City’s okay in order to start construction. But then I read this in the Journal Star this morning:
Before the conventions can be attracted, EM Properties, the developer of the Marriott Hotel project, needs approval from the Illinois Finance Authority. The authority next meets June 8, and it’s unknown whether a request for a moral obligation bond supporting the hotel will be on the agenda.
“Realistically, that may be too soon for all the materials to come together after the City Council decision but our team is working closely with EM Properties,” finance authority spokeswoman Marj Halperin said.
So the project is dependent on Matthews getting this IFA loan? Am I reading that right? If so, why was the project characterized as having all its financing in place in the days leading up to the City Council’s vote? Why did the council communication say, “EM Properties . . . has now secured all necessary private financing”? (I know, the IFA is public financing, not private — nevertheless, the council communication gave the impression that the City’s $37 million obligation was the only public financing needed for the project to begin.) Why was it not mentioned during the marathon City Council meeting?
Because why would you want to disclose all the details when it might make the vote different? I also wonder if they really had the loans from the banks approved prior to the meeting and if they were firm commitments or just proposals for discussion.
Smoke and Mirrors…. The council once again has put the cart before the horse, like they did in 2008. I find it hard to believe that at the 11th hour Marriott changed the whole face and scope of the hotel and all the financial institutions who approved this already have it approved. Seems odd and fishy. My bet is the fianncing is not in place outside of the IFA. If it is Why not prove it? If our tax dollars are being used to fund this thing we should have full disclosure… but we don’t.
Regardless, we now must help to try and make this thing succeed. I hope it does for our sake.
I will not support those who voted for it. ARDIS, SPAIN, SPEARS, TURNER, Christmas CLYDE, Van AUKEN and TURNCOAT TIM NEED TO GO!
People of Peoria there might actually be another way to stop this Trainwreck. The other night 4 Council members were willing to stand up for us and try and stop this thing from happening they are the Heroes in this. Anyway now its our turn we can get the word out to Contact the Illinois Fiance Authority who still have to vote on giving this Project the Money the Developer is looking for heres the link:
http://il-fa.com/public/ Lets get the word out and let people know we can still do the right thing and instead of words we can act as those 4 council members did the other night. The Authority Meets again on June 8th so get as many people as possible to contact them and Let them know we are not happy with this Project. Anyway Thanks again and Good luck to us all.
With all due respect CJ, and I’m sure this is more rhetorical than anything else, but do you really think that would’ve made a difference? Not having all the funding in place, and repeated public appeals for more money even during the election season, didn’t stop a majority of Peoria County voters from approving a new museum.
I seem to have read somewhere about needing clearance from the ILFA somewhere earlier in the week (PJStar maybe? I don’t remember), so I don’t think this was overlooked or swept under the rug deliberately. Not that I’d be surprised if it was, mind you.
I think wondering if all the financing is totally in place is a valid question at this time.
Justan,
“Turncoat Tim” was Chairman of Tax and Legislation while previously serving on the Peoria County Board. I was on this committee. In this position, Tim never saw a taxpayer dollar he didn’t find a need to spend including being a “cheerleader” for the downtown museum. He admitted he seldom vited musuems.
I had heard he was going to vote no and then was bullied into it at the last minute. He is a YES man and that is why he was given so much support. He will fall in line everytime. Woudln’t have mattered because Ardis would have been the deciding vote. Curious about this Super Majority Vote (8 yays) Gary brought up. If money is to be extnded this year (2010) doesn’t that mean they need a super majority vote as that money is not in the budget? Someone want to elaborate on this as I do not know the details of this rule?
the money extended this year will be via bond issue, not budgeted money.
What about the legal and origination fees to extend that bond money is the question I’m asking? Is that in the budget? Just curios because I honestly don’t knwo the legality of it and it was an issue that Gary brought up and I was curious.
No idea on those fees. They will not be that much money.
“Valda Shipp, who has held the top position at Glen Oak Primary School the past two years, was placed on paid administrative leave Thursday evening, district officials confirmed, adding two interim replacements will fill out the remainder of the school year.
Officials did not reveal why the 34-year employee was sent home, saying only that it is a personnel matter.”
http://www.pjstar.com/news/x11203839/District-150-principal-put-on-paid-leave
I have heard there are many East Bluff residents who are very dissatisfied with “Turncoat Tim.” They should be; he doesn’t represent them.
Private financing, public financing – they are making a play on words to confuse and cover up real true facts. Facts which it is obvious we are not being made privy too. I would love to see these facts, questions and answers laid out on paper with the corresponding dates of their approval attached.
Hey Conrad,
I’ve heard there are many East Bluff residents who are very satisfied with “Top of the Morning Tim.” They should be, he represents them.
There, now your evidence is matched by mine.
Justan: didn’t you listen to legal counsel when he answered Gary’s question? He shot him down like a goose in season. Legal case precedent over-rides bare statutory language which sounds nice-Gary has to get a new lawyer!
Tell that to the residents who petitoned against the Energy Center, Ed, or those who wanted East Bluff Housing Services re-booted.
k,
that would be, what, all six of them? conrad. she lost. live with it. move on. plant something constructive. tim is a good person. you come off like a shrill.
I don’t know who “SHE” is, Ed. I do not even live in the 3rd, but am responding based on what I have heard and seen. I’m sure Tim is a good person, but his ability to represent his constituents is being questioned by many who live in the 3rd. I suggest you take a hard look at how Riggenbach is responding on issues near and dear to the East Bluff. Your lking him may have blinded you to his shortcomings. However, ignorance can be cured.
A bank takes over the Holiday Inn City Centre per PJS. Kinseth no longer the owner or manager.
http://www.pjstar.com/news/x1372400592/Company-handing-over-Holiday-Inn-City-Centre