Convention center can pay their bill

The city of Collinsville is preparing to alter their agreement with the Convention Center (Gateway Center) to forgive $2.5 million of TIF funds rebates over the next 10 years. As of Dec. 31, 2011, the center owned $3.1 million total cash (restricted and unrestricted) that is deposited in the Bank of Edwardsville, according to information provided by the center.

That was not explained when Cindy Warke, center director, recently made her pitch to the council. The center can easily pay their commitment of $250,000 to the city with the CD that matures on March 28.

It would be reasonable to postpone any council action to Feb. 27, so the center can explain their bare bones finances for the next two years. The city can always bail them out. Why was a 10-year contract never considered?

Bob DesPain

Collinsville