Peoria IL Takeover proponents estimated that public ownership would result in a 31 percent rate reduction over the first 10 years.81 The city also argued that the buyback would place the much-needed control over economic development back into the city’s hands. City officials have characterized the company as being less than cooperative in economic development initiatives. In fact, a group of business leaders offered to lend the city up to $1 million for the takeover attempt.82 Moreover, a financial analysis prepared by Raftelis showed the city would have $6 million a year in excess revenues if it owned the company itself.83
Posted on: Tue, 28 Oct 2014 17:06:25 +0000
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