NBC Action News notes the demands of a Kansas City power broker family to fix their OLD AND BUSTED part of this cowtown where most of them no longer reside: "Mariner Kemper said he has raised 80 percent of the $10 million of private money. The majority of dollars would have to come from the city. However, the city is broke and is still paying off Kemper Arena's bonds."
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the only reason they are still paying down the bonds is because the arena was built in 1976 when the interest rate on bonds was double-digit.
ReplyDeleteSo they likely refinanced the debt sometime in the 80s.
The city borrowed and spent millions to expand Kemper in a failed quest to keep the Big 12 basketball tourney. Then they abandoned Kemper while promising the voters it would remain viable.
ReplyDeleteThey want it fixed, they should PAY to fix it.
ReplyDeleteDitto 7:18 ..... KC has streets and other infrastructure that needs repairs and/or replacement. What we don't need is a empty temple to Crosby Kemper. Tear the dump down and if Mariner of the Seas wants a new castle, let the Kempers pay for it.
ReplyDelete8:14? What kind of dumb post is that?
ReplyDeleteAnother Troy Schulte deal, if they get the $10M then the city would pay for the rest. He figured they would never raise the $10M so it was a good deal. Oops, they got the $10M and now they want the city portion, $15 or $20M!!!
ReplyDeleteI love when wealthy people and corporate entities want tax payers to pay MILLIONS of dollars to make THEIR project viable while tax payers essentially take most of the risk and reap very little (if any) of the rewards.
ReplyDeleteWe're still trying to pay off the bonds for the last Kemper Arena renovation. Why in the hell would we sign off on 10s of millions of more dollars to essentially tear it down and build something the Kempers want?
I appreciate all the things the Kempers have done for the city over the years. But this city isn't in a position to be giving up money like that when that money could go towards other more useful things. It's bad enough it looks like we're barreling towards having to pay 10s of millions of dollars forever for the street car. And the city still wants tax payers to build a hotel downtown. When does it end?
Kemper and Family should probably do this one on their own. This city cannot afford it.
As the city gears up to prepare its new budget, it has a projected $28 million problem. Estimated income for the 2014-2015 fiscal year is down and estimated expenses way up to make that much of a shortfall, finance officials reported Wednesday to the council finance committee.
ReplyDelete9:14 asks, "We're still trying to pay off the bonds for the last Kemper Arena renovation. Why in the hell would we sign off on 10s of millions of more dollars to essentially tear it down and build something the Kempers want?"
ReplyDeleteBecause Kemper money will pay for many fundraising events, fancy dinners, and social engagements.
I'm confused. So the mariner and his privileged little rich buddies up the debt levels with public funding for their own little projects, then when the city goes Detroit style, they take all the art from.... the Kemper? The city doesn't even own its own art. What assets in KC are the rich interested in? Why are they trying to loot us so hard? just for shits?
ReplyDeleteKemper Arena in its current state costs the City over $1 million per year to sit empty. There is no point in arguing over the Sprint Center, who managed it or how that all worked out. The reality now is Kemper is empty, declining in condition and a loss each year to the budget. Something has to be done. At least the Kempers are proposing a facility that will bring more money to the city with new events. Theirs is the only solution with any analysis behind it so far. The rest are based on emotions.
ReplyDeleteWould be ashame if the American Royal is forced to move to the Legends because of lack of support from City Hall.
ReplyDeleteThe Kemper's robbed the city to save the city.
ReplyDelete