This was in the Normalite, printed with permission of the author:
HEYWORTH – The Village of Heyworth may borrow up to $500,000 to finance the 50th anniversary celebration of the Kickapoo Rock Festival.
Trustee Clay Wiseman was the lone vote against borrowing the money from First State Bank of Bloomington. The promissory note or line of credit will be used for expenses that are incurred before revenue is generated, such as down payments for bands.
Village Attorney Geoff Dodds told the trustees that the Village consulted with the law firm of Miller, Hall and Triggs, LLC, of Peoria, which issued a legal opinion that the borrowing is lawful both in its amount and use.
The intent is to repay the line of credit or promissory note from the Festival proceeds.
At its November 21, 2019 meeting, the board approved hosting a one-day event, at a cost to the Village not to exceed $305,250. Revenue from the event was projected at $547,500.
The measure approved by the board was a minimum one day event, but the intent is to have a three-day event, August 28-August 30, 2020. The cost to the Village for a three day event is projected not to exceed $1,123,500, with revenues projected to be around $2,062,600.
Former trustee Lynne Barnhill expressed her concern about the festival during public comment. The measure previously passed allows for liquor to be sold and consumed in Centennial Park during the event only.
Although that alcohol consumption was a concern to Barnhill, it was the possible damage to the park that was her greatest concern.
“I am real upset that we are looking at a line of credit or promissory note to borrow money that’s going to just destroy this park that our school system and our Summer League program have worked years, and I mean years, to get it where it is today,” Barnhill said. “And once it is destroyed, it’s not going to ever be as good as it is now.”
Do you know Heyworth has a fancy new website: http://www.heyworth-il.gov/
I don’t see any Agendas, Packets, or Minutes posted.
What are they hiding?
What if the Coronavirus keeps people from coming? What if people don’t want to attend a government anniversary celebration?
When have projections ever been right?