Money line explanation from the Show-Me guys . . . "If Jackson County argued in 2009 that the Power & Light District should be valued at $160 million, the valuation should be much higher now, given the high occupancy rates. A higher assessment will mean more taxes paid by Cordish. And while Cordish will get to keep these taxes, they will in effect be paying more toward their own bond debt, meaning a lower taxpayer subsidy from City Hall. Even a large increase in the valuation for Power & Light won’t result in a big savings for Kansas City, but it would be something."
More here: Righting the Wrongs of the Power & Light District - Show-Me Daily - Show-Me Daily
More here: Righting the Wrongs of the Power & Light District - Show-Me Daily - Show-Me Daily
Yep. That'll happen.
ReplyDeleteThank you Kay Barnes for the legacy of debt you left.
ReplyDeleteKay's P&L District was just the foundation of a mountain of public debt.
ReplyDeleteUpside-down TIFs, tax abatements for decades, and streetcar bonds of $10-15 million/year as far as the eye can see.
Coming next: Another Citadel Plaza black hole and the taxpayer-funded downtown hotel.
Layoffs and tax and fee increases for residents who live in KCMO and who actually think the city government is there to provide some services.
And how much do those people care?
Watch for a single-digit turnout in the upcoming election.
Thanks for playing.
These suckers never learn. Street car that will be a tax suck for years already in the pipeline. And any day now Sly James and his band of cronies will start pushing for a tax-payer paid 1000 room hotel that will make no sense to anyone outside of his merry band and the billion dollar corporation they get to reap the rewards with no risk to them.
ReplyDeleteAnother publicly funded day in KCMO. If we don't learn from our mistakes we are doomed to repeat them....