The Star reports that a committee of financial experts recommended Monday that Kansas City borrow an additional $80 million to deal with its huge backlog of road, bridge and building projects.
Whereas my recommendation is that we "turn out" Mayor Credit Card Kay Barnes and see what kind of return she can get. Hell, she has been bending over for real estate developers so often that I'm sure they could spare a C-note in order to help her cause.
The point is that this "if you build it they will come" philosophy (endorsed by so many dumbass people in this town) has left the city with a Ron Jeremy sized debt load (ewwww) and maintaining basic infrastructure needs requires major maneuvering.
And yet, so many people in KC are waiting for some grand payoff other than a few basketball games and a lot of EMPTY luxury lofts in the urban core (read: where the homeless once roamed and still do). I'd advise construction, real estate, Sprint Center and P&L District cheerleaders to keep holding their breath until the dramatic turnaround they've promised comes true . . . It's gonna be a long wait and in the interim the only thing KC has to hold on to is the bill.
A friend on mine bought a loft downtown. Paid 270K for it. Because of tax abatements his property taxes are $84 a year for the next 20 years. The taxes on my house are over $2000 a year at it is worth MUCH LESS.
ReplyDeleteSo even if people come, how is this new development going to help? The city has to pay for services to these new developments and we don't even get enough property tax revenue to fill up the gas tank of Mayor Kays SUV.
I don't see the logic. Even if people come, how is going to help?
If you build it, they will come.
ReplyDelete...and leave you holding the tax bill.
Another tax is on its way. Another transfer of assets from your pocket to some Kay Crony. Watch out for the up coming Billion Dollar transfer which will end up fixing J.C. Nicholes old mistakes from the Plaza north and then end up on your property tax bill, but not on the ones with the subsidies.
ReplyDelete