Another downtown bailout? This time it's the twin towers. Unrela

I never understood bailing out a failing business. Why didn't they attempt to bail out Kroger when they closed Wisconsin, Madison Park or Sterling?

Not being bailed out. Proposal before Council on Tuesday will be a special service area tax applied to the residents that will pay back the $2.5 million loan to the owners.
Keep in mind, it could be voted down. It's not a done deal.
www.centralillinoisp roud.com/news/local- news/peoria-city-cou ncil-financing-Disclosure, I shot the video for this story.

@DennisinPeoria :
"via a City of Peoria issued bond"We know how this could play out.Just saying.....

@DennisinPeoria : From your article "Peoria has an 80/20 split SSA, which means 80% of the cost is on the residents in the service area, and then 20% of it is from the city's money."So we're being asked to front a 2.5 million (no interest?) loan, $500,000 of which is on our own dime. Isn't that what banks are for? How's that city owned PNC building working out for us.

@PeoriaIllinoisan : Very little private sector residential real estate is being constructed in the city of Peoria due to the high property taxes, crime, and possibly too many regulations which results in low property values. So the city has to step in and help out, which means raising taxes even more, which means even less incentive for private investors and even more need for help from the city.I remember playing Sim City. If I set the taxes too high, the population would decline until zero and it became a ghost town. Tax revenue went to zero, then the roads would decay and there was no money to fix anything.Take a store like Jo Ann fabrics. I wish Peoria would reduce their property tax to zero if it meant they would stay in business. People complain that there is nothing to do in Peoria, so people move away, and real estate prices go down further. I need some UV resistant sewing thread kind of urgently. Now it probably has to be ordered.

Fix the roads first.

@conrad : That's what the did in Costa Rica. Then road fatalities went up a lot since people could drive faster. There was a sort of natural 25 MPH speed limit on drunks driving Corollas home from the bar.

@kraziebill : You don't have to bail out Kroger is under union. The property and location were the main highlights of that store. Trucks getting to docks unloaded many trucks there. Square footing and taxes were the sinker.

They bought into it, but deferred giving out a liquor license to a shop on Knoxville and Forrest Hill citing neighborhood concerns. That begs this question. Is it better to have a neighborhood liquor store or to force the drinkers to drunk drive to get to a the liquor store - because they will.

This whole deal reaks.... Oyler is very involved in the selling and reselling of units in the towers. There is another council person who lives there...

@PeoriaIllinoisan :
It's just south of McClure on Knoxville.Ironically the same intersection I was hit by a drunk driver heading to Sheridan/McClure to get more liquor. Her BAC was .23 at the time of the accident.

@MadScientist : they don't look too hard...they expect the entertainment to come to them.