Thursday, January 18, 2018

TKC MUST SEE!!! TAXPAYER SUBSIDIZED DOWNTOWN KANSAS CITY CONVENTION HOTEL GROUNDBREAKING COMING SOON!!!



On a rough day for Kansas City developers and techies, City Hall is quick to tout other victories.

To wit . . .

WITHOUT REAL TERM SHEET DISCLOSURE KANSAS CITY TOUTS THE GROUNDBREAKING OF THE NEW HEAVILY SUBSIDIZED DOWNTOWN KANSAS CITY CONVENTION HOTEL!!!

Take a look at a deal done without any public vote and very little transparency . . .

KC Biz Journal: KC convention hotel now is days away from starting construction

Deets:

"Bonds will cover roughly $79 million of the convention hotel’s construction costs. The project’s financial package also includes $145 million in bank loans and $59.6 million in developer equity. Of that amount, 91 percent will come from Loews Hotels, which replaced Hyatt as the hotel’s operator in June.

"The city’s contribution to the project includes a $35 million cash donation, a $7 million land donation, plus tax increment financing, a community improvement district and a contract that will give Loews exclusive catering rights in the Convention Center’s Grand Ballroom and Conference Center for 15 years."

Developing . . .

6 Comments:

Anonymous said...

Celebrate!!! See you there!

Anonymous said...

It's just like we told ya buddy, "see you at the groundbreaking!" LOL

Anonymous said...

^^^ Mike Burke's bitch.

Hyperblogal said...

Sure. Let's build a new hotel to compete with existing hotels that are already subsidized by the city. Makes sense.

Anonymous said...

5:00 and 5:06 shut up sLIE and quit using city equipment for non city work

Anonymous said...

The KC Business Journal does a great job of reprinting whatever press release is on the fax machine or INBOX email. They reprint almost everything Burke sends them. Their article said nothing about whether the bonds have sold. You remember the bonds, eh? - the unrated, non-guaranteed "story" bonds (aka as JUNK bonds). Most recently Burke's group recast these
bonds as "naked" bonds. HAVE THEY SOLD?! You see, Burke needs as much positive press that implies and indicates this deal is moving forward. Have the bonds sold? If the "naked" truth about this deal was known it would fall apart. However, the city manager is skilled in protecting a true sham. What private sector firm was mentioned in that deal? JE DUNN. There is no reason to put their name in that type of update article. Burke's group is heavily relying on the credibility of the JE Dunn name as potential investors search for press clippings on this hotel that has been 5-years in the making-LMAO. $20.00 the bonds have not sold, BUT they are moving forward with ground breaking and affirmative press. Anyone care to wager me?