Q: Why was
the full amount of pledges not raised?
A: In a “perfect storm” scenario, the bond issue closed on September 12,
2001 – the day immediately following 9/11. Contributors were redirecting
their charitable dollars from their usual local causes to 9/11 relief;
markets dropped drastically over the following period, people felt poorer
and were reluctant to make more contributions in an unsure economy. WTVP was
fortunate to raise $7.5 million with these circumstances. When the economy
started to rebound, the WTVP production building was completed and donors
felt the job was done and did not make further pledges.
about federal support?
A: Earmark funding was diligently sought but anticipated federal support
failed to materialize because federal discretionary funds were directed to
homeland security and the Iraq war.
there other attempts to raise funds beyond the Funds for Forty Seven
A: Yes, WTVP engaged in a subsequent campaign titled Minds Matter. Funds
from this campaign were used to provide programming and services, as well as
additional revenue for debt reduction. This campaign raised about $1.5
million, largely from IVPTC Board members.
IVPTC missed any payments?
A: All payments due including principal, interest and fees have, to date,
been made in a timely fashion.
IVPTC looked to other local banks for replacement funding?
A: Yes, but no local bank has exhibited interest in replacing the current
letter of credit in the amounts required. The search continues.
Q: Why did
you leave/why not go back to Bradley University?
was no room on campus to house the station and its increased space needs
that resulted from the federal mandate to convert to digital broadcasting
while also continuing to broadcast in analog.
Q: How are
WTVP’s programming and operations affected?
A: The problem is with long-term debt. Daily operations and programming will
continue unaffected for the foreseeable future. WTVP continues to produce
and to air the best television on television. Printed schedules are subject
to change as station officials go on air to bring viewers up to speed and
ask for pledges to "Save Our Station."
Q: Is there
any scenario that sees WTVP and public broadcasting in Peoria and Central
Illinois going dark?
A: Yes. As part of the bond issue, WTVP was required to pledge all its
assets to obtain the Letter of Credit. If we are unable to reach a
satisfactory restructuring The Bank of America and Commerce Bank may choose
to foreclose on the loan, sell the station to other entities and/or sell off
the assets piecemeal.
staff and Board continue to work hard to preclude those eventualities, but
the support of the community is critical to raising the significant amount
of dollars necessary to satisfy the banks.
Q: What is
the "Save Our Station" Campaign?
A: It is an emergency fundraising effort attempting to raise at least $2
million in viewer pledges by Dec. 31, 2007. The forbearance period ends on
January 15, 2008, and, in order to have any chance of crafting a negotiated
settlement acceptable to Bank of America and Commerce Bank, WTVP has to
raise as many capital dollars as possible to add to any we can borrow from
local banks to make the offer as close as possible to the total amount due.
“pledges” and not cash?
A: The pledges are tangible indications of community support for WTVP and
will be used to leverage the amount that WTVP might be able to borrow to
repay the letter of credit. There is no guarantee that Bank of America and
Commerce Bank will accept our offer. If they don’t, contributors will be
under no legal obligation to fulfill their pledges.
Q: How can
A: Pledge. Then tell everyone you know to pledge too. Pledge
online, or call
(309) 495-0555, or, toll free, 1-866-377-0555.