Friday, July 21, 2017

KANSAS CITY TAX FIGHTERS: VOTERS DESERVE ANSWERS ON DOWNTOWN CONVENTION HOTEL $40-MILLION SHORTFALL FINANCIAL FIASCO!!!



A former financial back of the Downtown Kansas City Convention Hotel revealed that the financing was not in place during his company's participation.

The Biz Journal broke one of the most important development stories this year but then blew the headline . . .

They saved it with the leade that basically tells the whole story . . .

KC Biz Journal: "A senior Hyatt official said he was surprised to learn a few months ago that KC Hotel Developers LLC was coming up $30 million to $40 million short on equity for the convention headquarters hotel project."

Behind the scenes, it looks like local tax fighters helped them research the story and recently they sent out some behind the scene insight and this call to action:

CFRG: "We should all contact our respective City Council members and DEMAND they get to the bottom of this. This downtown convention hotel project has been an embarrassment for the City for several years. How can we ever have an open and honest dialog with our elected officials when they allow this type of behavior to go on under their noses? Only Heather Hall and Teresa Loar were astute enough to pick up on this charade and constantly ask more questions. Like us the they were stonewalled and nobody would stand behind them . . . City Council, it’s time for you to step up and demand answers!!"

You decide . . .

8 Comments:

Anonymous said...

Only $40 million short in actual cash?
That certainly shouldn't be a problem working with KCMO government.
Just go back to the city and give 'em the 'ole "we're so close we can't stop now" speech.
And the city should be drowning in cash being spun off all the exciting vibrancy of the downtown renaissance by now, so coming up with the bucks will be just a drop in the bucket.
And of course there's always the temptation of that $800 million bond pool, the spending of which is already going off track.
All the make-believe excitement and "successes" constantly flacked by Sly and the gang are empty promises and mostly built on public subsidies and debt.
And it won't take too long to figure out that most of it is financially unsustainable, just like the P&L District.
P. T. Barnum and Bernie Madoff would be jealous.

Anonymous said...

Let's all get in line this morning to suck Dan Coffey's cock!

Anonymous said...

Probably try the old car salesman trick. You make the deal but once you know how excited the customer is to get the shiny new car you make up some excuse to raise the price.

Anonymous said...

^^^^^ No thanks. You go ahead.

Anonymous said...

it's not clear. this could have been a normal business move that left one party unhappy.

Anonymous said...

Not to worry. There's is PLENTY of money in the KCMO general fund to help out the developer.

#KorruptCity

Anonymous said...

KC convention hotel developers seek new lease deal to reduce potential income taxes

Star article today

Anonymous said...

Well stated!!!