Tuesday, June 14, 2016

TKC TOLD YOU SO!!! CONTROVERSIAL DOWNTOWN KANSAS CITY CONVENTION HOTEL STRUGGLES TO FIND INVESTORS!!!



City Hall subsidy of this project was rammed through by the last council with ABSOLUTELY NO INPUT FROM VOTERS and was the subject of petition and courtroom threats.

Now . . .

KANSAS CITY INSIDERS NOTE VERY LITTLE ACTIVITY ON THE NEW HOTEL AND NO WORD OF NEW IINVESTORS TAKING ON THE PROJECT . . . JUST LIKE OUR TKC BLOG COMMUNITY SAID: THE PROJECT STAYS LOSING!!!

At the end of last year OUR BLOG COMMUNITY TOLD YOU the deal was crumbling.

Now, here's just a bit of confirmation from TV news . . .

KSHB: Developers need money for downtown convention center hotel

Despite the victory, there has been no movement on the future building site.

City Manager Troy Schulte said development plans are still in the works. The developer is working to raise more money.

"At this point all the agreements with the city have been signed. They are working on their private financing," Schulte said.

The city is investing roughly $100 million in public dollars in the project, including $35 million in cash. The developer has to come up with $200 million in private funds. They're aiming for an October closing.

"The private folks are convinced they can pull the financing together; if they don’t, no deal. The city is not going to step in behind this deal no more than we have," Schulte said.

You decide . . .

20 Comments:

Anonymous said...

Here's the point you're missing Tk. This is about crime. What investor in their right mind would put hundreds of millions into a city that is on record pace for murders?

Think about it.

Anonymous said...

Aren't investors excited about being so close to the streetcar?

Anonymous said...

Maybe they knocked down the Capri to soon?

Anonymous said...

Translation = the banks want an even bigger guarantee taxpayers will hold the bag for Burke's White Elephant when it becomes obvious Kansas City is just another dime a dozen secondary market trying to compete with the big market cities for conventions.

Crazy Clown said...

QUOTE

The city is investing roughly $100 million in public dollars in the project, including $35 million in cash

Since the city of KCMO has that kind of money to invest , then Why the Sam FUCK is the City of KCMO Raising everybodys WATER BILLS to unseen proportions as stated to be as high as $110.00 a month for average users !!!!

Tell ya what their doing their playing the KCMO Community for fools, and ripping everybody off, what it boils down to = FACT !!

KCMO City Officials should be taking that $135 MILLION and investing it in new updated WATER Lines and worry about that silly hotel later down the road !

KCMO & Mayor Sly James have their "Priorties" all Ass Backwards as usual by Degenerate LIBERAL LIB'TARDS !!

Its time the Citizens across all of KCMO Rise up to this lying Degenerate Mayor and his pathetic Corrupt Cohorts who are Stealing & Robbing us Blind !!!!!

Anonymous said...

$100 million in public dollars in the project

Man that's criminal.

Greedo said...

If they can't find the money for this it will be a slap in the face to Schulte and a sign that he needs to go.

Anonymous said...

Co-sign +1 with the crazy clown.

Anonymous said...

Tax and spend democrats at it again i see. Vockrodt said it best on This week in KC a while back. Companies are not doing conventions as much due to their cost. Plenty of hotel space is always needed if there were guaranteed conventions coming but that does not appear to be the case. If the Hyatt or some other chain wants to build, let them. Do not put this on the tax payers though. I believe we are tapped out and really getting nothing for what we've bought lately.

Overland Parker said...

If you are smart and of legitimate birth, come and live in Kansas! If you are a stupid bastard (=unmarried parents on weffay anna foood stamps) stay in Mizzou! Hahahahaha!

Anonymous said...

Poverland Oarker who obsessively reads a blog about KC should maybe pay attention to the billions JoCo has invested in subsidized strip malls and overbuilt highway boondoggles in the last decade.

Anonymous said...

Agree with Crazy Clown. There is absolutely no reason for property owners to pay more than 1500 is water bills on vacant houses with no service. Petition is on the way. It needs to be on the next ballot.

Anonymous said...

This hotel will be booked into the next millenium once the streetcar brings in billions of people from all over the world.

Anonymous said...

Hotel ain't gonna happen! Burke has no money, and this Council won't let him con them into paying for Hotel!! Dead deal!!!

Anonymous said...

Where is the Obese Bowtie in all this? Come on Bowtie... it seems that Big Mike Burke needs an extra hundred million from you. Why dont you ram through another one of your special tax districts to raise this money? I'm sure the citizens wont mind being bled dry :(

Anonymous said...

NONE of all these breathless big "investments" have anything at all to do with the sustainability or business sense in building these "projects".
And this is a very clear example of private actual investors not being interested in throwing away their money on a business that has little or no chance of ever returning anything on the investment.
The folks who "earn" their livings doing these deals are the development attorneys, land flippers, bond lawyers, construction companies, and PR flacks who make all the empty promises and then disappear as soon as the checks clear.
The public is left holding the bag whether or not there's even any tax money in these deals, because they're stuck with an under-performing poorly maintained mess right in the middle of their community.
Just take a look around all these exciting projects downtown in a few years and they'll be more than enough examples of reality winning over hype and outright nonsense.
The Potemkin village on the plains.

Anonymous said...

It's time for our city council to pass another ordinance and get out of this deal. It was bad at the start and it's still a bad deal for the city. Lets pull the plug NOW!!

Anonymous said...

Clearly private investors are a lot smarter than city hall.

Anonymous said...

Crazy Clown, agree ONE HUNDRED AND TEN PERCENT!

Even Hyatt and the banks know the hotel is a BAD idea. If it were a good idea then Hyatt would easily get all their money from the banks and wouldn't need $100M from the city (which includes $35M in raw cash).

Shame on the city for even thinking about getting into this deal with Hyatt and Burke. As has been documented, fewer and fewer companies are sending their people out of town on conventions. And the majority that do are going to conventions on the coasts where it's warm, has larger cities, has beaches, etc. We don't have mountains or beaches or warm weather 365 days a year. So, as great of a city as this is, we're pretty far down on the list of places people want to convention at. So why must we invest so much of OUR money in a project that SHOULD be privately financed? And wasn't the streetcar supposed to be the last incentive needed to spur development downtown? Isn't there $50 billion dollars in investment going on downtown strictly due to the streetcar?

As CC mentioned, if the city has all this money to throw around for this project, then why does it need to raise our water bills THROUGH THE ROOF to pay for WAY OVERDUE sewer repairs?

I'm curious as to what THE PEOPLE get in return for this tax payer investment? I know S'lie and Burke get a huge kickback. J.E. Dunn is probably making off like bandits. But our tax dollars are going into this thing but what do WE get in return? Our taxes get increased while our tax dollars get spent to make life easier for millionaire and billionaire developers. How does that seem right?

Anonymous said...

Higher and higher water bills will allow the city to confiscate properties from those who can not pay. If you are having a hard time now SELL and GET OUT before you get nothing for your property.