Even though I am a member of the Peoria County Board, I did not learn until yesterday that the Federal Government through New Market Tax Credits(taxpayer dollars), approximately $6,201,572.00, will complete the funding of the PRM building bringing the total of local, state and federal taxpayer dollars being invested in this $78 million or more?? museum building or approximately 70% of the cost. The private sector, including Caterpillar and it's Foundation will make up the balance.
This still leaves the Endowment Fund short anywhere from $6-12.5 million. On October, 22, 2009, a request was received from the PRM Committee "asking the board to agree to fund the Endowment shortage of $5.3 million through the sales tax referendum".
It was less than 15 months ago that the Museum Committee turned to the County Administrator and asked that the County make up the $34.7-$40 million shortage to build the museum building. (The City of Peoria donated the land and the infrastructure work totaling $18.5 million per the City Manager. A recently disclosed additional $140,000 environmental and parking peer review will be paid from the quarter % sales tax..
Some of you may be weary of reading my museum blogs but you may be sorry later that you weren't paying attention. I'll sum up some of the mis-truths that were presented to the County Board through the PRM Committee and it's supporting medias:
In the April 2009 edition of InterBusiness Issues, Representative Leitch and Senator Koehler were quoted as saying "The HUGE benefits of Build the Block far outweigh the SMALL public investment being asked of Peoria County residents." Note that the words were carefully selected as the total amount of the project funded by taxpayers will be around $80 million. These men are used to dealing with billion dollar deficits so what a measly $80 million.
On 7/4/07, Kathleen Woith of Lakeview Museum was quoted in the JS, "The original building of 95,000 sq. ft. was going to cost us $32 million. Now it's going to cost us $37 million to build 81,000 sq. ft." The PRM Committee now says it is going to cost $47 million." An increase of $1O million in a time of recession??
On 3/7/09, only 10 months ago, Brad McMillan, Chairman, Friends of Build the Block, was quoted on the Opinion page of the JS, "The block is supported with 57% private funds." This statement was misleading because the "block" included the now the then $41 million Caterpillar Visitor Center plus $15.2 additional Caterpillar or its foundation donations to the parking garage, the museum ground clearing and the museum itself. (He also said Peoria County residents would receive a 15% discount on admissions to its galleries. Remember to ask for this discount)
In May 2008, the PRM Committee released a document saying that 29 PRM Ambassadors had pledged $17.2 million. In October, 2009, the committee released documents saying that pledges totaled $11+ million. However, only $4+ million remained in cash available as $10+ million was already spent.
I'm open for a challenge to any of these figures, $18.5 from the city, so far, $8 million early on from the ISHA, NASA, 2007 Highway bill; credit LaHood, $5 million recently announced by Dave Leitch, the New Market Tax Credits which it is rumored will be announced late next week, around $6 million, and $40 million from the Facility Sales Tax that we will be paying for 20 years. Property taxes after 20 years with the County owning the building and all liabilities?? And perhaps still a shortage in funds to operate the museum, estimated to be from $4.1-3 million??
Isn't anyone concerned about what will happen to the "old" Lakeview Museum? We know Bonnie wants it to become the Peoria Park District Headquarters, that' after they have spent over $2 million renovating the old IDOT building on Knoxville. And what is happening with the under funded Childrens Playhouse and the $5 million shortage to complete the zoo?
Well, anyway, Happy New Year,optimist, pessimist or realist.
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