STL PREPARES TO REPEAT THE TRAGIC AND EXPENSIVE P&L DISTRICT MISTAKE!!!
Take a look at this fun story regarding STL that might seem strangely familiar to Kansas City taxpayers and is now receiving national attention:
The American Spectator: Meet Me in Subsidized St. Louis
The money line:
"In 2006, Kansas City began construction on its own entertainment complex, the Power & Light District. Along with $295 million in city-issued bonds, the project received funding from the same state authority, used the same developer, and was part of a similar downtown revitalization plan. Cordish built an 8-block complex furnished with corporate bars and restaurants, around an open-beverage plaza that hosts live music. It went right across the street from the $276 million Sprint Center arena, which was also be subsidized to help attract an NBA or NHL team.
"Public funding for these Kansas City projects was based on the premise that they, too, would pay for themselves through increased sales tax revenue. So how has this worked out? Nearly a decade later, the city still doesn’t have an NBA or NHL team, contributing to the under-performance of both the arena and the entertainment complex. The city now pays between $10-15 million annually on bond debt for each, redirecting sizable revenue chunks from essential services."
And of course . . .
THE TKC BOYCOTT OF THE P&L DISTRICT CONTINUES BECAUSE OF THE RACIAL RUCKUS THAT HAS EMBROILED THE PLACE!!!
Developing . . .