City of Bloomington to Inherit Failed Business and Broke Business Partner Who Can’t Pay Personal Bills

Democrat business as usual

Jeff Giebelhausen, the man who stands to profit from a $50 million loan from Bloomington taxpayers to develop a government-backed hotel, is also passing along liability from an old failed business and possibly personal financial liability as well.

Peoria Coffee Stop #3 LLC has changed names to become Bloomington Downtown Redevelopment Partners LLC, in a move that would pass any old debt, liability, lawsuits, or previous agreements along to taxpayers.

It is not known why Giebelhausen would use an old LLC, dating back to at least 2013, instead of filing a new one for the multi-million dollar hotel project. The only possibility would be to avoid paying a $500 filing fee, opting instead for the $150 name change of an existing LLC.

Giebelhausen may be experiencing personal financial problems as well, as in 2014 he was forced to hand the deed back to a commercial property located at 100 N Main Street in Morton.

He also may be on the run from a creditor, possibly Associated Bank, who filed a lien in 2011 against Giebelhausen.

His home located at 1201 Oakwood in East Peoria is vacant and currently being marketed for $445,000, even though he signed a private refinancing deal with an unknown investor in 2014 for over $500,000 on that home.

It’s possible that Giebelhausen convinced someone to finance an indoor basketball court addition to his home, and is now walking away from the loan as his sale price will fall below the negotiated price of the refinance.

Basketball court inside Giebelhausen’s now vacant home for sale

While it is not clear if Bloomington Mayor Tari Renner knows about the shady past of Giebelhausen, he did appear WYZZ Fox television last week to speak glowingly about the project. Renner, a first term mayor who has been censured by his own city council for making vulgar and inappropriate comments about a female political opponent, has no experience in business and works as a part time college professor at Illinois Wesleyan University.

Giebelhausen has failed to produce any possible investors, listing only himself as an investor of the hotel project. He stands to profit in the millions of dollars once the city of Bloomington co-signs a loan for his project.

Ian Bayne discussed on his morning program on Newstalk 98.3:

http://news.983talk.com/city-of-bloomington-to-inheri/

http://news.983talk.com/bloomington-hotel-developer/