TKC BREAKING AND EXCLUSIVE NEWS!!! KANSAS CITY INSIDERS FEAR BAD DEBT BOND RATING DOWNGRADE COMING SOON!!!
Better than transcribing the boring deets of Kansas City's dismal financial future, let's take a look at the big picture and attempt to explain the current predicament to the
Accordingly . . .
KANSAS CITY INSIDERS BRACE THEMSELVES FOR A BOND RATING DOWNGRADE AMID RAMPANT CITY HALL BORROWING AND LOCAL REVENUE DRYING UP!!!
It gets worse . . .
CITY HALL DENIZENS PREP FOR DOWNGRADE NOW THAT ONE BOND COMPANY HAS GIVEN AN EARLY WARNING!!!
This might explain just a bit of the urgency with which Mayor is ramming through the Hotel . . . It's not just fear of the new Council but a recognition that a financial reality check is coming soon.
Think about it . . . The P&L District continues to lose cash . . . The Sprint Center isn't producing any significant revenue for City Hall and mostly eats up the tax base, already the toy train streetcar isn't paying off and now add a HUGE convention hotel bill ($300 Mill+) into the mix . . .
Before his second term, despite the disinterest of voters . . . Financial institutions seem to be the only force that can slow down (or hopefully derail) Mayor Sly's development agenda based on borrowing and City Hall subsidy of every flimsy development scheme put forth by smiling white people . . .
And while cash of so many locals remains dependent on the idea that this town can borrow its way to prosperity or possibly even lure the middle-class away from the suburbs with a toy train ride and some great online media coverage via sponsored clickbait . . . The debt burden gets bigger and Kansas City's financial outlook gets even more bleak.
Developing . . .
But I thought the border war was settled?
ReplyDeleteWe called a truce, didn't we?
Sly's debt bomb is going to blow up and some point. And it won't be pretty.
ReplyDeleteI see the irony. This current economic crisis started in Greece and eventually, the world's economy will get fucked in the ass.
ReplyDeleteKC = Detroit
ReplyDeleteThe toy train will solve all our problems, and tourists will flock from all over the world to see the 2.2 mile wonder and fill the new hotel.
ReplyDeleteOUR TAXES MATTER!!!
ReplyDeleteRumor mill is floating an idea that both the Northland and the Eastside (via Urban League) are considering encouraging their residents to not pay their 2015 property taxes on time in an effort to shake up city leaders and garner more attention for their district. The key, of course, is getting enough people to join the effort to make an impact.
I'll do you one better.
ReplyDeleteVote against the e-tax
If everyone who didn't vote in the last city election would all just leave town Sly would be the Mayor of a ghost town. No need to build any huge motels then.
ReplyDeleteFACT CHECK: The "toy train" has already led to more economic impact than its entire cost to build and operate many times over.
ReplyDeleteWithout spending a dime out of the General Fund, while within its budget and on time...
Try again, troll.
^^^^^^^^^^ BULLSHIT
ReplyDelete10:31 Yes, economic impact, alright, as in shifted needed resources from maintenance/repair of infrastructure, homes, schools, and health programs, and so much more.
ReplyDeleteThat train thingy is a moneygrab for KCPL to bill KC into perpituity for electricity. Those consultants, suppliers, constructors that got theirs already could have been put to better use.
Other pressing needs that are far more crucial should have precedence over a novelty, boutique touristy streetcar that duplicates bus runs.
Several dozen homes for veteran families, a couple endowments to low cost dental clinics, job training scholarships, animal companions for disabled vets, MIGHT have truly enhanced lives immediately and into successive generations.
This frivolous streetcar is the new designer bag and heels on a pretty lady who has several front teeth missing and the rest hanging in but rotten. Her unhealthy, unattractive mouth is the neglected projects that are put off while she buys fashion accessories.
Except, nothing has been "shifted" from anywhere. The streetcar is paid for entirely by a new dedicated funding stream democratically enacted by the citicizens who live in the tax zone.
DeleteFacts are fun, kiddies.
25% of the annual Street Car costs are coming from the General Fund!!
ReplyDeleteGet the FACTS Johnson/10:31 !!!!!!
10:31: Toot, toot. You're quite a disingenuous hoot.
ReplyDeleteAre we in Greece?
ReplyDelete8:18 the funding stream was enacted by a few hundred non taxpaying citizens. The property owners who couldn't vote pay. But in the long run all new taxes regardless of where they come from have a negative impact on the city as a whole when they are wasted.
ReplyDeleteThe bond rating agencies were way behind the curve in downgrading mortgage backed securities and they are way late in downgrading municipal debt. There will be massive municipal defaults in the next decade thanks to pension underfunding. Even if the cities tried to remedy the problem now it's mostly too late.
ReplyDelete
ReplyDeleteI would suggest you watch the June showing of KC Stat on channel 2. Not only is there a lot of information and discussion about bond ratings and reserves, but it will lead you to the web site with all the numbers you may want.
8:18: "Facts are fun, kiddies."
ReplyDeleteEspecially when you can make them up. Democratic? Not a chance.
Our power went out twice this morning and we currently have almost no water pressure. But I'm so looking forward to my free ride on the streetcar.
ReplyDeleteWe don't need no bonds or money. We got a bow tie and a dancing bull shiter.
ReplyDelete