November 2011- During two consecutive Johnson County Board of Commissioners Meetings, the Board approved on a 6-1 vote to purchase the King Louie building for $2,000,000 and make it weather tight with an additional $1,600,000. Although denied later, the intent was to house a “National Museum of Suburbia” after additional commitments totalling $40,000,000 could be identified. The immediacy of completing the transaction before year-end was for tax purposes of the then current owner.
December 2011- The then current owner used the Purchase Agreement as a bankable note to barrow enough money to retire an existing lien against the property. With a clear Title, the transaction was finalized.
January 2012- Board notified that having used cash reserves for the purchase and plans for using cash reserves for restoration would jeopardize Bond Rating. County leases property to a bank for $3,600,000 and then leases the property back from that bank with repayments scheduled through 2015.
Public unrest through-out 2012 culminates in November election of Steve Klika to Board of Commissioners vowing not to support further funding of the property.
During 2013 and 2014 displayed Commissioners Eilert, Peterson and Allen (former mayors) in support of additional funding with Ashcraft, Klika, Osterhaus and Toplikar remaining opposed. Rumors abound that Chairman Eilert would resurrect his iconic dream in 2015 when he had the votes.
But Ashcraft and Osterhaus were re-elected in November 2014. The vote remained 3-4. That left Toplikar and/or Klika to change their position in order to fund King Louie.
Then this repackaged funding for King Louie kinglouie12.18.14 appears for discussion. BINGO! The vote was actually taken last week! Commissioner Klika’s passion is mass transit. Chairman Eilert fast tracked approval of Klika’s passion last week and tomorrow is pay back time.
December 18, 2014 Committee of the Whole vote to fully fund King Louie 4-3.
Incredibly we also learned that our $3,600,000 investment is currently only valued at $850,000 so we should trust that they now know what they’re doing?
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