Yesterday the State of Illinois bid $1.00 for the President Abraham Lincoln Hotel in Springfield. Then the bid went to $2.00...
Does this give you some idea what the hotel is really worth?
In 1982 the State of Illinois - our State - loaned $15,500,000 so that the Renaissance Hotel (it's original name) could be built. Owners of the hotel over the years have paid little (or nothing?) toward the loan balance, which is now $29,500,000.
Just how does it happen that no one in State government was keeping a closer eye on this financial arrangement?
Didn't anyone monitor loan payments? Didn't anyone recommend foreclosing many years ago? When renegotiated "deals" were made, why weren't they enforced? Why did State management personnel allow this loan, which probably should have been paid off by now, to reach its present level of almost double the original loan?
Or did someone blow the whistle along the way? Or try to blow the whistle?
How many more "lucrative" deals like this is the State of Illinois involved in?
Oh, that $2.00 bid? According to this morning's Northwest Herald, "After a few more small increases, state officials ended the bidding with a $100,000 bid."
What? Was it time to go to lunch?