Twin Towers bailout?

It's not a done deal. Only proposed. Deal may not be complete until September. A Special Service Area tax will be applied to just the Tower residents to pay it back. Peoria tax payers are not on the hook for the loan. And it just a loan. Apparently the Tower owners weren't able to get any private financing.

@TB1977 : I smell the funk all the way up the bluff.

@DennisinPeoria : Need I remind you of Mr. Matthews and his loan from the city? The city has yet to get that money back.....

@kraziebill :
That was a really bad deal, and Matthews and company are in jail now. However, the Twin Towers deal is more of a safe deal. But that's my opinion and mine alone.

Why don't they bail out the Madison. Put in the contract that $x will be added to the ticket price to pay back the city. Then hire someone who is genuinely serious about bringing all types of entertainment to Peoria.

@kraziebill :
And likely never will ... issuing G.O. bonds instead of revenue bonds ... leaves the taxpayer paying the bill.

Fix the roads first!

@DennisinPeoria :
Plus there are too many well connected people living there

City property can do as they please. Why not bring some stores to downtown.

@tntrecycling : 1) They don't own it. 2) They can't wave a magic wand and summon new businesses downtown. That's why the conversion to two way streets; to create an environment where new businesses would like to open. The warehouse district is a prime example of how that public/ private partnership works.

Businesses keep leaving Peoria. Can they lower the property tax on commercial properties to encourage them to stay? Anything is better than an empty lot or a run down empty building.

@MadScientist : I think the problem is with not forcing owners of rundown buildings to keep them up. If a rising tide raises all boats, these rundown properties lower their neighbors'.

@mypeez : Does that apply so much in commercial or industrial districts? It is definitely a thing in residential areas.The taxes are so high that owners try to keep the property values low. More requirements like this will make businesses never want to come to Peoria. Why not tax the land more and the improvements less?

@MadScientist : So I'll offer up a bad word in some circles, TIF. I haven't kept up if the City has renewed it, but Peoria was the first in Illinois to use it when the Civic Center was happening. I have to believe that is what helped get the Becker Building, Twin Towers and Fulton Plaza some 40+ years ago.

@kraziebill : One is not like the other. One was for development the other for repairs on existing. This probably sounds like I'm about to launch into an argument for the proposed loaning of $$ to the Twin Towers. I am not. I am adamantly against the use of public money for private use- loan or other wise. Especially when the city is always flapping their collective gums about not having enough tax revenue.
All that said, the city has a high rise housing development that needs a tremendous amount of work. Does the city have an obligation to help? What happens if they don't? If private financing is not an option (I'm assuming it isn't but who knows if that's accurate)
What happens to the towers?
These are thoughts that go through my head. I'm still against it, but the ONLY way I would possibly entertain the idea was if financial oversight was made mandatory and a financial plan was put in place that the owners had to fund so when the towers need a few mil 20 years from now they can handle it themselves. I'd possibly entertain that idea. Then I wonder if I want city Govt in the financial planner biz. I would say probably not.All of the above assumes politics doesn't play a factor. And we all know thats not realistic.