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By: Diane Benjamin
Meryl Huff received TIF money to develop the Ensenberger building, how many condo’s have been sold? The Front and Center building was taken as collateral by the City and 2.2 Million was loaned to Huff. Under Steve Stockton the loan was forgiven! Poof! 2.2 Million gone. Now the City wants to borrow money to buy the property again. See this post: http://blnnews.com/2014/10/01/hotel-what-you-arent-suppose-to-remember/
The Huff’s have borrowed money based on these properties. The $8.2 Million bails out the bank(s) involved and keeps the Huff’s from filing bankruptcy. Giebelhausen just sees the opportunity to make a lot of money. Citizens are told it’s going to be great – it will be for the Huffs and Giebelhousen!
A bailout from the past:
Remember when a soccer complex was proposed for the west side plus moving the YMCA to south Bloomington? That was another proposed bailout: http://blnnews.com/2014/03/14/burying-bailouts-in-quality-of-life-part-2/ That project went nowhere because Renner is only interested in downtown. He is more than willing to do bailouts there!
Surprise! The YMCA moving is back in the news today. Tari demands they stay downtown, anybody think he doesn’t already have a plan for them too?
Here are some numbers you may not have seen:
The estimated $8.2 million purchase price he presented to the council Monday night includes his cost of $4.8 million to buy four buildings; $2.9 million for environmental abatement, engineering and demolition; and $400,000 to $500,000 in “soft costs” such as legal, finance and title work, Giebelhausen told the editorial board.
Giebelhausen said he is aware of several investors, including himself, who are interested in developing the site once it is “shovel-ready.”
Question: Why does the City have to buy the finished product if developers are lining up? To give the properties away? (The Koos model)
Other Giebelhausen projects:
Borrowed $200,000 for a sports bar/restaurant from the City of East Peoria, it closed after 3-4 years: http://www.pjstar.com/article/20140507/news/140509232
Received $7 Million from Peoria Heights Village Board to transform a warehouse into retail and apartment, Giebelhausen couldn’t get financing so the deal died. Where is the $7 Million?
http://www.pjstar.com/article/20140715/News/140719437/?Start=2
From January 2014 about this project:
At one point, he suggested the project could move forward if the village agreed to purchase the $2.2 million building, according to Giebelhausen and village officials.
http://www.pjstar.com/article/20140114/NEWS/140119512
Sound familiar?
Google Jeff, the Internet is full of projects by government he has been involved with. Go where the money is so there is no risk.
These are the properties Jeff claims will cost him $4.8 Million:
Commerce Bank 120 N Center – appraised at $74,000 ( x 3.33 = $246,420) http://mcleanil.devnetwedge.com/view/RE/21-04-337-002/2014
Commerce Bank 120 N Center Adj – appraised at $3667 (x 3.33 = $11,212) http://mcleanil.devnetwedge.com/view/RE/21-04-337-003/2014
Elk’s 110 N Madison – appraised at $80,016 (x 3.33 = $266,453) http://mcleanil.devnetwedge.com/view/RE/21-04-336-002/2014
The Front and Center Building (102 N. Center) doesn’t appear on the County website, what is the value of a boarded up building?
Think this isn’t a Huff bailout? Is Giebelhausen over-paying? What loans are outstanding on these properties?
Facts matter and the citizens don’t have any. $8.2 Million is the least Renner’s vision is going to cost you.
Been fleeced enough yet Bloomington? Renner and the Huffs don’t think so.
You have 4 weeks Bloomington.
BLNNEWS. The Huffs OWN the Commerce Bank building. They bought it in 2013 for $550,000. So with the Front and Center Building which is basically condemned and a $200,000 Elks building we are to believe as taxpayers that Jeffy says he is going to pay them over $4 MILLION for these properties? Talk about an inside deal with two PEORIA developers! Can’t this council figure out what a bad and smelly deal this is????
Kyle Ham, the new B/N Economic Development Council’s CEO, is from Peoria. I’m sure there is a connection there.
sorry Huff paid $315,000 for the Elks so $550,000 plus $315,000 plus a dilapidated Front and Center building and you give the Huffs a $4 MILLION windfall. How much of that is Jeffy getting. He has his real estate license so I am sure he is representing the Huffs in that transaction. What a crock
And the DUI Countermeasures building was bought for $35 K in 1987 by a PEORIA attorney 110 N Center. What a great profit deal for out of towners on the back of Bloomington taxpayers
Print up the information and get it out to your neighbors folks,,,time to get involved!
The deal between the YMCA and the Boys and Girls Club must have just happened because it doesn’t make sense that the YMCA just remodeled some of the men’s health club a few weeks ago.
Here’s what I know about the YMCA since I was a member there for 20+ years and bailed.
When Don Eddy was the Director when they moved to the south Main St. location he ran the place in the best interest of the members. He retired and I think there was one Director between him and Mike Hardy.
Starting with Mike Hardy the Director he was making members mad especially the union members when he brought in a non union contractor to do roofing. The unions had donated considerable labor and time help building that building and later adding on 2 racketball courts. Mike retired but I heard was forced out by the board and Dennis Mormann was brought in.
Under Dennis he seemed to never to listen to member complaints and even more members left. A State Farm rag I called her moved in and swayed them to rip out part of the men’s health club and downsize that and more members got mad and left. Under Dennis they got land donated to them way over on the east side and they had 4 or 5 years to build on it and they blew that opportunity. Dennis retired and BJ Wilken was brought in.
BJ also made members mad as well as some staff who left. By now the men’s health club membership had dropped to less than I bet 1/6 of when I first joined. It was getting pretty thin around there for membership. Factor in Four Season’s and Gold’s taking members it was becoming a ghost town that was for sure.
When I left I more or less let BJ know how I felt and said screw it you weren’t getting anymore of my money and I walked. Many of us expected Chris ? the Assistant Director I think he was under Dennis to take over. Instead the board brought in this arrogant …smart …. in my opinion from Taylorville. In a touche the Taylorville Y took Chris.
After that I got it on a good source they were financially strapped and close to closing the doors. More money was going out than what was coming in. I believe the word is called almost bankrupt. The hot water boiler blew and they were up to their neck in the hole and couldn’t afford to replace it so they went to State Farm for more money aka donation. State Farm pushed back and asked them what did they do with what was already donated to them. It was soon after that I saw on the Y website a 5 year plan or something like that. I don’t know where they got their money at to get the boiler fixed. I suspect the eastside gawdfather legalized gambling organization ponied up some more money.
I don’t recall when it was passed around, rumor or hearsay that since they lost the east side land then they were looking at buying the city bus garage to the north when that moved to west Bloomington. That went no where. They probably had no money would have been my guess. The problem here is that they have no big donor for money like what the Champaign Y had.
Things have turned around and membership has increased. Maybe BJ finally realized that chip on his shoulder wasn’t so grand after all and changed. I don’t really know. Sad to see them get into this position.
Now as for Mayor Professor pushing to retain the Y downtown that is absolutely the worst idea. BJ and the Y board should tell Renner to go screw himself. I hope you read this Renner and I’m sure you will. At every new Y built that I know of they have left the inner city and built where there is room to expand. The Champaign Y membership exploded after they moved to the west side almost right out in the middle of a corn field.