Thursday, November 30, 2017

TKC BREAKING AND EXCLUSIVE NEWS!!! COUNCIL LADY COALITION DEMANDS TERM SHEET FINANCING DEETS FROM EMBATTLED MIKE BURKE DOWNTOWN KANSAS CITY CONVENTION HOTEL OR NO DICE!!!



Here's a look at City Council taking steps to hold developers accountable for their big promises this afternoon as sponsored content presser hype from the Mike Burke Convention Hotel excludes any relevant financial information and mostly focuses on pretty pictures.

Special thanks to BRILLIANT KANSAS CITY INSIDERS for sending this note our way . . .



CHECK FIRST LOOK AT AN UPCOMING ORDINANCE DEMANDING FINANCIAL DISCLOSURE FROM THE PROPOSED TAXPAYER SUBSIDIZED DOWNTOWN KANSAS CITY CONVENTION HOTEL!!!

The legislation is sponsored by Council Ladies Heather Hall, Katy Shields and Teresa Loar - Who have have been the voices of reason and government transparency on this mostly secretive project . . .



Here are the highlights . . .

Requiring the disclosure of financial information concerning the Kansas City Convention Center Hotel prior to the City Of Kansas City issuing any bonds or expending any funds from any source for said development.

The City shall not issue any city bonds or the expenditure of funds from any city source in furtherance of the Convention Center Hotel Project until the Developer has disclosed and provided to the Council the financial agreements, term sheets and guaranteed price as well as other information as set out below:

Term Sheet, which shall disclose:

1. Terms of financing; and
2. Equity investor(s) involved in financing: and
3. Amount(s) to be invested by equity investor(s)

Pro Forma Financial Statement of the Convention Center Hotel Project, which shall include financing sources and the planned use of funds;

Explanation, including consultation with Council, of any change or other modification to the Kansas City Convention Center Headquarters Hotel Community Improvement District . . .

All Other Relevant Documentation, which shall include agreements provided to the Land Clearance for Redevelopment Authority . . . Relevant explanation including consultation with Council, of changes to the project, its finances, and any changes in responsibilities of parties created by the agreements . . .
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Read the whole thing HERE and HERE. . .

Developing . . .

24 Comments:

Anonymous said...

Glad that somebody is doing something. This one has the potential to bankrupt KC and stop the more organic downtown development.

KC JD said...

What is strange to me is that these kind of protections weren't already in place.

Anonymous said...

Thanks Tony for posting and kudos to the Council members for taking the high road. Sly, Troy and the tax abatement lawyers worked in secret to make out like bandits.

Anonymous said...

OMG the church of streetcar is going to be upset.

Anonymous said...

Notably not included was council lesbian lady Jolie. Why not?

Anonymous said...

This stops any bond issues in its tracks. No bond underwriters will issue bonds until this mess is cleared up. Thank you ladies. I guess we know who has the balls on the city council!

Greedo said...

^^^ Absolutely.

This is insane that we're giving away 322 million without any real disclosure.

Anonymous said...

Sly sold us out.

KC Jerkwad said...

See you at the groundbreaking! See you at the bankruptcy!

Anonymous said...

Sheeeit!

How a guy to make some bank?

People be all up in tha bidness..

D.D. said...

Put it to a vote. This deal is dirty and there are NO financial checks and balances. It's hard for me to believe that KC can't get a convention hotel without paying for it. After all of the money that we have put into downtown, you'd think some company would be willing to take the risk.

Anonymous said...

Nobody wants to privately fund a convention hotel because they are a thing of the past. This is a boondoggle from start to finish, keep the pressure on.

Anonymous said...

Busy eating pussy

Anonymous said...

Hall, Shields, and Loar

Providing hope to residents that the entire Council isn't asleep at the wheel. Thank you ladies!

Anonymous said...

Hillary will help with labor like she did in Libya.


http://www.cnn.com/2017/11/14/africa/libya-migrant-auctions/index.html

Anonymous said...

Randy Landes is in the pocket of Mike Burke and Cordish!!! Time for Randy to go to Jail!!

Anonymous said...

This hotel is a monstrosity. Some of the comments have it right, why do they need KC money at all? We shouldn't be getting into the hotel business, the money would be better spent fixing roads and sewers. I wish they would put it to a public vote and STOP giving funding to this project.

Anonymous said...

So much ignorance here.

Anonymous said...

Don't forget Kwanza is Dec. 26-Jan. 1st. shop early and shop often

Anonymous said...

There's no clause in either doc stating what will happen if those term sheets aren't submitted within 10 days.

Anonymous said...

When Katherine Shields and Theresa Loar are the voice of reason on the council you know there are big problems.

Anonymous said...

Hall, Shields or Loar for Mayor!

Anonymous said...

Only 1 of 6 lawyers on the council are pressing for background on the developer/equity team? Kevin McManus, Dan Fowler, Jolie Justus, Alyssia Canaday, Quinton Lucas get yourselves focused on this issue! You are about to look very foolish. Otherwise you should return your law degrees to the colleges you attended. It is your fiduciary responsibility as an licensed attorney and elected official to recommend AND seek thorough and complete due diligence on behalf of the public. You will be surprised at what you (don't) find.

Anonymous said...

Has the KCMO city manager seen this story?

Shakeup in Joco: County manager’s contract not renewed

http://www.kansascity.com/news/politics-government/article187385018.html