$475,000 in Earmarks and Tax Credits to Restore Gillioz Theatre Leads to Foreclosure

The American tax payer put out $475,000 to help restore the landmark Gillioz Theatre. The funds were secured in an by Roy Blunt, even though the Constitution says nothing about allowing the federal government to get involved in the arts. Now, four years later after the completion of the restoration, the Gillioz Theatre, found on Park Central Square, is in foreclosure as the city of Springfield continues to take taxpayer money to restore a public square that has a history of failure.

Springfield Landmarks Preservation Trust, which owns the Gillioz, just received a foreclosure notice, because besides tax credits, there have been no payments on their bank loan since the theater's reopening. The theater has not had many donation in the past few years, due to the economy, and also came up short on anticipated state tax credits. The remaining balance, due by New Year's Eve is about $3.5 million.

So it appears what we have is another failure funded by the government through federal earmarks and state tax credits. Once again we see how government encouragement in the market place leads to a familiar F word these days.