By: Diane Benjamin
The Finance Director’s report highlight’s some aspect of the City during every report. Last night was the arena. Did you know you still owe over $21,000,000 on the building that is close to 20 years old? Obviously the bonds require lots of interest payments and very little to principle. Alderman Sheila Montney asked for a complete list of City debt presentation at a future meeting.
Since the video slides are hard to read, see the Finance Director’s report here: https://www.bloomingtonil.gov/home/showpublisheddocument/30718/638627055320630000
The arena starts on PDF page 6. This report is for the fiscal year that started on May 1st, 2024. Montney asked how much it lost last year – around $1,000,000. I don’t know if that is before or after the $2,000,000 subsidy the City transferred to the fund.
This report just on the entertainment division is one PDF page 7:
They have a planned loss. The previous page shows a combined loss for Entertainment and Facilities of $834,901. Does that mean the ice center and facilities rental has a profit of $5,746. Or is the ice center part of Entertainment? Nobody asked. The Finance Director mentioned the losses are caused partly by no suite sales and no sale of the naming rights. He hopes that changes with the new hockey team.
If you want to see that part of the meeting, just hit play:
Who has benefited the most during the Coliseums planning and building?
Who is benefitting the most from the coliseum financially since it opened?
Tax payers? No!
Management? When they don’t get caught embezzling.
City? Receipts say otherwise.
Banks?
Investors?
Contractors?
Time to sell?
Can’t when they owe $21 million
Can’t believe it!! The voters voted against building the coliseum and it’s time to vote out all the left leaning liberals that want to keep it. That coliseum should have been bulldozed down several years or sold for whatever price that the city could get, as a matter of fact I think the city turned down an 8 million dollar offer several years ago. Yeah the taxpayers still owe 21 million that figure does not include what we the taxpayers have to pay out to keep the doors open, it’s still losing money but take the big loss and get rid of it and while you are at it get rid of the Bloomington center for the performing arts.
I will say it again Time To Throw The Tea Into The Water!!!!!!
Take the monthly million dollar loss on Connect Transit and put to the balance owed on the coliseum.
Good grief that is worse than paying the minimum payment on credit card debt. At that rate it should be paid off in 95+ years. Their best hope is that an F? tornado levels it. They probably don’t have sufficient insurance coverage to pay it off if it did happen. The fools would rebuild.
Just remember Mayor Judy Markowitz “ it won’t cost taxpayers one thin dime” well , it hasn’t its cost is millions and millions of one thin dimes. Your grandchildren will be paying for it in future.