TKC BREAKING AND EXCLUSIVE NEWS!!!! DOWNTOWN KANSAS CITY HOTEL PROJECT NOW CONFRONTS ONE YEAR DEADLINE!!!!
Under the radar, this afternoon City Council passed an important amendment to the proposed and extremely controversial Downtown Hotel project which limits the time for developers to put together financing.
ACCORDING TO A KICK-ASS KANSAS CITY INSIDER: "They have until 9/17 to get this stupid thing done. I'm sure nothing is ever going to happen with this debacle!"
Accordingly . . .
NOW ON A STRICT DEADLINE . . . THE DOWNTOWN KANSAS CITY HOTEL PROPOSAL HASN'T EARNED MANY INVESTORS OR INTEREST FROM FINANCIAL BACKERS OUTSIDE DEVELOPERS!!!
This is curious given that Visit KC claims there are 24 MILLION tourists find their way to this cowtown every year. It seems like so much tax subsidy and a great location would invite big money interests to build something here . . . However, critics were obviously correct when they asserted that if the venture held so much promise, private equity would've made the deal long before City Hall stepped in to put it together.
And so . . .
Once again City Hall taxpayer subsidy stays losing as the Council wisely decides to limit the exposure of this town's budget for a hotel project that THANKFULLY is falling apart.
Developing . . .
um, that should read DOOMED Downtown hotel project.
ReplyDeletePrivate money is more circumspect about bullshit.
ReplyDeleteHere's a question for you Tk. If the streetcar was so great about luring investors to Kansas City, why hasn't anybody signed on to the hotel? It should be an easy sell.
ReplyDeleteBut it's not.
Makes you wonder what they're not telling us.
curious.
ReplyDeleteYikes. These dumb-fuck genius developers haven't been able to line up debt or equity yet with $138 million of TIF, $35 million of City Hall money, and $60 million of guaranteed catering to Barter Hall? What a bunch of losers. If we could get the La Raza convention back maybe that would put over the finish line.
ReplyDeleteExpect the lead proponents of hotel to sue KC for their $28,000,000 equity interest in the project. Big question is will they settle for $7,000,000?
ReplyDeletePrecedents are Citadel project($20 million settlement to developers)and the Renaissance North project ($6,000,000 settlement to developers.) Last reports are bond interest for Renaissance project costs KC taxpayers $1,000,000 annually.
Better have Baltimore Cordish take over project.
If investors are running away, it's for a good reason.
ReplyDeleteThey'll claim enough private money has been found to get closer to their goal and then the old "we're so close and we've spent so much time on this we can'stop now routine will appear and the KCMO electeds will work to come up with more taxpayer subsidies from somewhere.
ReplyDeleteSly and the gang have repeatedly demonstrated how easily they can be rolled by fads and grandiose claims, with the streetcar fiasco being exhibit A.
Blunders like this NEVER go away, especially when pushed endlessly by the usual insiders.
And when a proposal like this is out of public view is when the most under-handed crap take place. Then suddenly surfaces when it's too late for the public to take any action to stop it.
Good luck, KCMO taxpayers!
Sly and the gang will get it done- stay frosty!!!!
ReplyDeletedamn shame that this city is for sale.
ReplyDelete^^^ Exactly.
ReplyDeleteSCOREBOARD says:
ReplyDeleteCrosby Kemper + CFRG + taxpayers + Show-Me Institute = +1
Mike Burke + Sly James + Council + tax giveaways = 0, along with several demerits for dishonesty, cronyism, obfuscation.
why wait the year. Will the economy get better?
ReplyDeleteDoubtful.
But we NEED this hotel. Where will all the tourists coming in from all over this planet (and maybe others) to see the toy toot going to stay?
ReplyDeleteWe need that hotel to house the 350,000 tourists that ride the streetcar every day.
ReplyDelete^^^ Lol.
ReplyDeleteIf the streetcar was so great, why wouldn't a private investor want to invest a few million bucks in KC?
Makes you wonder.
Here is the question we should ask now: who is going to refund the money that we have spend so far? Will the developers help us out since we were told they would sue us if we backed out of the deal?
ReplyDeleteI thought they had a 9/16 Deadline!! They let these clowns off the hook again!! That will be after the G. O. Bond election!! Expect lots of G. O. Bond Money to end up paying for Burke's Folly!!!
ReplyDelete^^^ Good question. I wish they would have enforced one. Now we're stuck with this project again and again until some sucker falls for it.
ReplyDeleteNo thanks KC.
bad debt city
ReplyDeleteThe downtown hotel is dead...I am in inside source..mark my words, its dead, for many reasons.
ReplyDeleteStreetcar...again, you fucking retards don't understand how this is funded. It's a special taxing district that pays for the streetcar, not the "taxpayers" of KCMO. I don't quite understand why this is not understood...
^^^^^We understand the theory, trolley boy. We also understand that, in practice, that's not the way it works.
ReplyDelete10:30 you don't know what you are talking about!!
ReplyDelete$20 Million of Toy Train cost came directly from City General Fund!!!