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* Tribune…
The foundation that supports the Abraham Lincoln Presidential Library and Museum indicated Thursday that prestigious memorabilia tied to the home-state 16th president could be sold to help pay back a loan taken out to buy a trove of items more than a decade ago. […]
Officials sounded the alarm bell publicly after meeting with aides to Republican Gov. Bruce Rauner this week but “receiving no financial commitments.” The Lincoln officials added that they’ve asked state lawmakers for money three times, to no avail.
A Rauner spokeswoman called the museum “a jewel for the state.”
“We are certainly interested in working with the Abraham Lincoln Presidential Library Foundation as they work through their options,” Patty Schuh said. “We are listening to their business plan.”
* On principle, this “solution” is a horrible idea…
Someone suggested to me why don't @GovRauner and @JBPritzker split the tab? What would that headline look like? @bschoenburg @capitolfax @MarkBrownCST @John_Kass @TinaSfon @WCIA3Mark @https://t.co/jXntQEsz7W
— Craig Wall ABC 7 (@craigrwall) May 11, 2018
Wouldn't it be cool if @GovRauner & @JBPritzker suspended hostilities long enough to go 50-50 together to pay off the loan so the Lincoln Presidential Library doesn't have to auction off Lincoln stuff to pay the bills? @wlsam890 #ILGov18 @ALPLM
— Bill Cameron (@billjcameron) May 11, 2018
If they set that precedent, then every single time something went wrong they’d be pressured into paying for it out of their own pockets. State Fair grandstand roof unexpectedly collapses? No worries, let JB and Bruce pick up the tab. As wealthy as both men are, they don’t have enough money to fix everything themselves. It’s why we have a government.
But the state budget is so tight that government money to solve the private foundation’s entire $9.7 million debt problem seems unlikely. And, of course, it is a private, not a government, foundation.
* A better solution might be if both the governor and Pritzker agreed to actively participate in a fundraising drive, and then maybe Gov. Rauner could try to scrounge up a little bit of state cash to help them along, or maybe find a way to give them a state loan.
Whatever the case, Rauner is right. The museum/library is a “jewel” and therefore he shouldn’t allow it to degrade on his watch. The library’s collection draws researchers from all over the world. And since the loan is due in October of 2019, Pritzker has a stake in making sure it doesn’t happen while he might be in charge.
posted by Rich Miller
Friday, May 11, 18 @ 11:48 am
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Of all the things they could pool their money to resolve, the Lincoln stuff would not be anywhere near my priority list.
And that would be the headline:
(fill in blank) continues to suffer while Pritker, Rauner bailout Lincoln Library.
Comment by Michelle Flaherty Friday, May 11, 18 @ 11:51 am
This comments section gave Rauner a pretty hard time for giving the Mario Puzo collection to Dartmouth, and that’s the same principle. People just want free stuff. I love Rich’s idea of a joint and high-minded fundraiser, but neither campaign has an incentive to work with the other, so that’s where the idea ends.
Comment by Chris Widger Friday, May 11, 18 @ 11:55 am
Hmm, why not use some of the Volkswagon money to bail out the Foundation?
Create a scratch-off lottery game, Lincoln’s Hat?
50-50 raffle?
Bake sale?
Comment by 47th Ward Friday, May 11, 18 @ 11:58 am
This stuff just makes the case for a prog tax. When you can think of two guys who could just write a check without thinking twice to cover bills this large…
Also saddening to think about how much they will spend on campaigns, toilet-less mansions, wine clubs, ranches, off-shore tax shelter managers, etc. while we can’t pay for things that should be higher priorities to everyone.
Comment by m Friday, May 11, 18 @ 11:58 am
Rauner hasn’t figured out how to help veterans in Quincy, how would he know what to do with this?
Comment by 360 Degree TurnAround Friday, May 11, 18 @ 12:00 pm
Take a look at all the “tourism” funds that flow through DCEO. Consider tapping into some of that dough to help out. The ALPLM obviously is a tourism draw.
Comment by Henry Francis Friday, May 11, 18 @ 12:04 pm
How about this -
instead of making taxpayers cough up $175,000,000 for a library for Obama, we just take $10,000,000 of that for the library of Lincoln?
Comment by VanillaMan Friday, May 11, 18 @ 12:08 pm
I like the idea of a fundraiser for this more than the Governor’s Mansion.
And I think a lot of libertarians would disagree with you about “why we have government” Rich, a lot of them seem to think every public good should be at the mercies of private fundraising/charity.
Comment by Perrid Friday, May 11, 18 @ 12:10 pm
As far as appropriations go, the need (9-10M) is not great compared the hit on the prestige of the Library, and the state generally. They should appropriate the money, and be done with it.
Comment by ILPundit Friday, May 11, 18 @ 12:19 pm
The Foundation (a not for profit entity) supports the Library and Museum (a state agency). The Foundation, not the Library and Museum, is asking the state to pay off the debt. The bigger question is should the state help a not-for-profit financially?
Comment by Steve Rogers Friday, May 11, 18 @ 12:27 pm
The Lincoln artifacts and memorabilia must forever remain in the Land of Lincoln on public display–somehow.
The statue itself was a gift from France but the base for the Statue of Liberty where it belonged standing in New York Harbor was paid for mostly from small personal donations of American citizens.
http://www.bbc.com/news/magazine-21932675
As Rich suggested, better than rich pols funding the current Lincoln Library and Museum situation, crowdsourcing or a kickstarter type campaign to do it is the best idea. I think many Illinoisans would gladly contribute to such an effort–one where they could actually see the tangible purpose and results of their money. I’d certainly be happy to be a part of this and am sure others would too.
Comment by Responsa Friday, May 11, 18 @ 12:34 pm
Simply because I want these artifacts publicly available for viewing, and not in the home of a billionaire, I’m totally fine with them splitting the cost. God knows we’re never going to raise taxes on rich people in this country so it’s time they be asked to foot the bill for stuff like this.
Comment by Stark Friday, May 11, 18 @ 12:38 pm
If only there was some way for the government to collect extra money from billionaires to use for the public good…
Comment by Actual Red Friday, May 11, 18 @ 12:47 pm
Anyone know who holds the paper on the loan? The google is of no help.
I would think a loan for historic items, collateralized by those items, would come from a boutique lender. Especially when the authenticity of the most valuable item is in question.
I can’t help but think the identity of the lender would be very interesting. Who can grab the hat in case of default?
Comment by wordslinger Friday, May 11, 18 @ 1:00 pm
The Presidential Museum is not the only state property which benefits from the philanthropy and support of a private foundation — there are other sites around the state which provide programs (and yes, even sometimes pay the bills that the State should be paying for the neglected facilities that they own.) It is naive to badmouth the foundations in these cases without a full appreciation of the expenses that they are covering because of the’s abdication of (yet simultaneous insistence on authority for) support for state historic sites. I am just saying that there is most probably a whole lot more to this story.
Comment by morningstar Friday, May 11, 18 @ 1:08 pm
… should read “the State’s abdication …”
Comment by morningstar Friday, May 11, 18 @ 1:09 pm
I know of a great way to fund raise but would Rauner and Pritzker agree to go into a dunk talk?
Comment by a drop in Friday, May 11, 18 @ 1:09 pm
I can’t see either man agreeing to your plan, Rich, as much as it might be the best thing for the library. Rauner is too proud to work with Pritzker, and Pritzker loses politically if he joins forces with Rauner in a stunt that makes him look more moderate and effective. You even highlighted how Rauner could make it a win by using his sway as governor to get some state money together.
Comment by Anonymous Friday, May 11, 18 @ 1:31 pm
This story is getting picked up nationally as “Illinois government is so broke they’re selling off Lincoln artifacts.”
BS. It’s not state government, but rather a non-for-profit foundation that spent too much money acquiring memorabilia that screwed this up. Whatever, I guess we earned this bad rap.
Comment by Roman Friday, May 11, 18 @ 1:58 pm
Anyone know who holds the paper on the loan? The google is no help.
Who makes loans for historic items, collateralized by those items, especially when the authenticity of the most valuable piece is in question? Rather a boutique lender, I’d imagine.
In other words, who gets the hat in case of default? Would be interesting to know.
Comment by wordslinger Friday, May 11, 18 @ 2:19 pm
Dial up Cellini for a donation.
Comment by Arthur Andersen Friday, May 11, 18 @ 2:19 pm
If school kids can do this in two weeks, surely something similar to be kicked off with matches from other donors. The Mansion’s done, so Dr. Rauner should have some time on her hands. Who knows, there might be a valuable penny that gets donated that might really go a long way towards the goal. (not snark)
https://tinyurl.com/yb5lz435
Comment by Anon221 Friday, May 11, 18 @ 2:37 pm
Options.)
1.) Refinance.
2.) Surely there’s some small bank in or near Springfield that’s cool with a refinance, even if the hat is garbage for valuation.
Comment by Anon Friday, May 11, 18 @ 2:45 pm
Word- Here’s the Foundation’s 990s. Might be able to find something in them as to the lender?
https://projects.propublica.org/nonprofits/organizations/364385644
Comment by Anon221 Friday, May 11, 18 @ 2:46 pm
The Foundation’s 2017 Annual Report- lots of companies and individuals listed that could do penny drives or help organize some…
http://www.alplm.org/Portals/6/PDF/AR_2017_10-5-17_WEBversion.pdf
BTW- JB and his wife’s family foundation are donors. The Rauners didn’t show up on a search of the report. Could be anonymous donors, though.
Comment by Anon221 Friday, May 11, 18 @ 3:01 pm