I’m sure sorry to hear this. The River Station is closed… again. My wife and I had supper there several times since they’ve reopened and have really enjoyed it. The place was redecorated well, and the service (except for the last time we were there) has been very good as well. (The last time we were there, the service was unbelievably slow.)
On December 19, 2006, the council voted unanimously to give a $150,000 Business Development Fund loan “to The River Station Holdings, LLC to fund fixtures, equipment, and inventory for the restaurant.” They needed to pay that loan back, as well as pay their HRA taxes, of course. Well, they haven’t been doing either, according to the Journal Star, so their liquor license got revoked. Since you make way more money on liquor than on food, that pretty much guaranteed they would be closing.
The timing couldn’t be worse, coming right before the July 4 holiday, a time when they rake in a lot of cash by charging people to sit on the lawn to watch fireworks (you won’t find a better seat downtown). Now that’s canceled. But that’s what happens when you don’t pay your debts, I suppose.
I hope it reopens (again) under better management.
UPDATE: The Journal Star is now reporting that the River Station will be open for the fourth of July — they just won’t be serving alcohol. That’s good news for all the people who were planning on being there tomorrow for the fireworks! It should be noted that HOI News had the story right in the first place.
No booze?! Come on-I think a lot people paid thinking they would get food ANS drink. Today I was told by a city employee they haven’t paid their HRA tax since September of 2007. As sad as this may be, this is an example of poor business practice.
One of the comments at the Journal Star suggested the owner ought to have his passport confiscated … might be good advice?
Supposedly there were a number of “smart” businessmen involved in running the River Station. I think [name of person deleted by blog owner]; I am sure he took his money and ran.
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When the city loses money like this is there ever any investigation done to see if the failure was actually a legitimate failure due to lousy management? I listened on the news to the owner of the building say that the restaurant was actually good volumes of business. If true, then where was the money draining?
If not there should be. It should start with investigating the attorney and the investors. Wouldn’t you think they knew about all of this?
Lovekids — Sorry, but I had to edit your comment, as I have a policy against libel on my blog.
Foster — Good question. I wondered the same thing myself.
C.J., Understood and thank you.
Your personal experience is very nice in the restaurants. Thank you for giving this useful for me.
FYI: http://www.peoriacounty.org/county/files/get/Agenda_and_Minutes%5C%5C%5C%5C2008%20Board%20Committee%5C%5CTax%20EDC/080327draft.pdf
Update:
CDAP / GAP Loan Report / EDC Project
Mr. Brunner provided an update of detailed loan activity, an overall fund statement, and balance sheet for the month ending February 29, 2008. He said that as of February 29, 2008 payments were received from all loan recipients with the exception of Globe Energy, InPlay, and River Station. Globe Energy has not made a payment on their loan since its inception in August 2007. InPlays’ last payment was for May 2007. River Station’s last payment was for August 2007. Three payments were received from the River Station in March 2008 but all have been returned NSF.
Ms. Hanley recapped that the River Station had encountered several forms of embezzlement that they are currently working through. She spoke with Mr. Nichols (owner of the River Station) and their lending institution regarding the status of Mr. Nichols’ Gap Loan. Mr. Nichols indicated that he would be submitting (3) three certified checks payable to Peoria County to make good on the (3) three returned checks.
Mr. O’Connor asked if collection strategies are in process for the delinquent Gap Loan accounts. Mr. Atkins said that in regards to InPlay litigation was initiated by a lending institution and pending the outcome of that, the County will proceed thereafter with any legal action necessary to secure funds due. He said in regards to Globe Energy and River Station, he will wait on direction from the Committee before proceeding with any legal action.
http://www.peoriacounty.org/county/files/get/Agenda_and_Minutes%5C%5C%5C%5C2006_Board_Committee%5C%5CTax_EDC/061130m.pdf
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hmmmm…. someone is using my name!!!
similarity was meant as a compliment, just think your comments are very accurate and that your knowledge of useful links adds credence to your position.
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Did you read the js article that said there are new owners who hope to have the river station open in 10 days. It probably won’t happen but that’s their goal. That seems kind of weird to me.
Yes, I agree with Imaswede and iamaswede2.
Haha. Just playing with ya! Imaswede3 is me.
lovekids got any further reports on the status of the loans listed in your pdf file?