City leaders have been tooting their own horn about the Bass Pro Shops. When I first heard about this, I thought it would be a good thing as well, but the more I have read makes me wonder why taxpayers are being put at risk.
In the deal between the city and Bass Pro Shops, the city will own the land, building, parking lot and road leading to the store. Bass Pro Shops will be the tenant. The city will issue $40 million in bonds to pay for the project.
But why should the city own the land, building, etc.? What happens if the project fails? Is the city guaranteed full payment by Bass Pro Shops or Cullinan Properties for the $40 million if the project fails? How are the taxpayers protected?
It would seem that if this is as great a project as touted, private business, not the government, should be the one taking the risk. Capitalism is based on private parties taking risks, not the government eliminating them for private enterprise.
Tim Church
East Peoria
