On today’s Journal Star opinion page is a letter “in the spotlight” from Peter Bazeli of New York, New York. He extols the Wonderful Development and warns that “this facility is critical to Peoria’s economy.” I don’t know about you, but when I want to know what’s critical to our economy here in Peoria, the first person I ask is a resident of New York. I’m sure Mr. Bazeli often consults with Peoria residents on what’s critical for New York’s economy as well.
“If the project is executed well,” he says, “the investment will be well worth it in the long term, paying dividends in many diverse ways for generations to come.” Of course, the successful execution of the project is precisely what is in question here, but I imagine it’s a little hard to follow all the details of this issue when you live 900 miles away.
And just what does Peter Bazeli do that makes him such an expert on how we should spend our tax money here? He explains, “Professionally, I am a consultant to developers and private equity funds investing in projects like this throughout the United States….” Well, hot dog! That’s great news for the Wonderful Development! Mr. Bazeli could save this project by simply recommending it to his New York colleagues and drumming up $37 million worth of private equity to replace the City’s tax investment. Problem solved!
Why not? After all, this investment will be well worth it in the long term, paying dividends in many diverse ways for generations to come. Why wouldn’t his partners, or even Mr. Bazeli himself, want in on that kind of sure-fire investment?
I sure hope Mr. Matthews reads the paper today and is able to contact Bazeli soon. This could be just the break he needs.
Guarantee someone called in a favor from this guy or he stands to benefit from the Wonderful Development in either a direct or indirect way. Interesting he didn’t say what his motive was for writing the article – only that he was an “expert”. Does he follow the inertia of local politics in every city, or is Peoria special? Either way, I agree with CJ – if its such a no-brainer he and his buddies should be more than able and willing to step up to the plate with plenty of dough that isn’t snatched from the pockets of drained taxpayers.
“the investment will be well worth it in the long term, paying dividends in many diverse ways for generations to come.”
what are the specifics. What type of long term family wage jobs does this produce. Anyone, buehler, buehler, buehler. Some on the council talk tax benefits, but if the bonds will cost about $67 million when it’s all said and done, that’s an awful sales to produce the tax revenues. Since they are in a TIF there won’t be any increase in property taxes going into the till, so how long does it take to recoup what was paid?
What does everybody think? Do the reactions (threats) from Matthews and Koehler’s support along with the Pere foreclosure swing the tide with the city council? Or will they still kill the project?
A new deal will be struck. Just like in politics. Both sides will cave although i don’t see how Matthews can still obtain financing if city pulls out of bond deal, he doesn’t have the equity to make up for it…
The City Council has never killed a project that they can use OUR money on. They know what’s best for us. Just ask them. I bet they will revive this project, damn the torpedoes. I firmly believe this already has been hashed out over the last weekend and is a done deal.
I think it will die. Both the Mayor and City Manager haven’t changed their positions on this. Those who normally carry the Mayor’s water will support him and vote to kill it. Those who don’t will vote to kill it becuase it is a bad idea. I hope everyone has contacted the City Council and made their views known. I did.
Peter Bazeli is a Senior Vice President of The Weitzman Group, Inc. He joined the firm in 2004, and has since managed consulting assignments for real estate assets valued at well over $30 billion. He manages assignments comprising all property types, but specializes in market-based development planning and project management for residential and mixed-use developments, with particular focus on luxury, branded, and hotel-serviced housing. He has regularly consulted on new developments in Miami, Chicago, Philadelphia, Seattle, San Francisco, New York and throughout the northeastern United States. His consulting experience has included work nationwide on projects branded by Four Seasons, Ritz-Carlton, The Setai, Canyon Ranch, Miraval, Gansevoort, Trump, Philippe Starck and Robert A.M. Stern, Architects. During the last several years of economic distress, major developers and investors have added leverage to their work-out strategies by collaborating with Mr. Bazeli on the nuanced competitive positioning and market niches available for exploitation despite the challenging atmosphere.
Don’t know about the rest of you, but this gentleman’s credentials seem impressive. Seeing as his background seems to include the hotel industry, we may want to keep an open mind.
Just sayin’.