SHOCK!!! KANSAS CITY KEEPS PAYING FOR FAILING P&L PARTY DISTRICT!!!
Here's a quick financial note that better explains how Kansas City is going broke in order to pay for the P&L District.
Even better . . .
IT LOOKS LIKE KANSAS CITY WILL BE TAKING ON MORE P&L DISTRICT BOND LENDING FOR A PARTY THAT HAS YET TO PAY OFF!!!
Here's the damage:
"City Finance Director Randy Landes said the administration is proposing to issue $29.7 million in new KC Live bonds this spring. Doing that and restructuring the maturities for the existing 2005 and 2011 series, he said, will allow the city to reduce the 2014-15 general fund transfer for KC Live debt service to $8.2 million from $14.3 million in the current fiscal year.
"Like refinancing your house," Landes said, the savings will come at the cost of a longer repayment term — ending in 2040 instead of 2033.
"Without the new bonds and restructuring, he said, the subsidy during the next fiscal year would top $15 million."
In other words, this pricey party won't stop any time soon as Kansas City's finances continue to grow worse and none of the big promises of a "Downtown Renaissance" pan out.
Developing . . .