Tuesday, September 05, 2017
TKC BREAKING AND EXCLUSIVE NEWS!!! COUNCIL SEYZ NO MORE EXTENSIONS!!! SEPTEMBER IS MAKE OR BREAK FOR STALLED DOWNTOWN CONVENTION HOTEL!!!
Last year Downtown Convention Hotel developers PROMISED A SPRING GROUNDBREAKING . . . Then it was moved back to Summer. Now plans seem to have changed again much to the dismay of elected officials who no longer seem content to wait patiently as other development inside the loop moves forward at record breaking speed.
To wit . . .
BEHIND THE SCENES, A COUNCIL BLOC PREPARES TO CALL THE DOWNTOWN HOTEL FINANCING BLUFF!!!
Opponents of the hotel have long complained about the lack of a public term sheet and very little transparency into the project. Insiders into the deal are on record noting a $40-million financing shortfall.
And now after a violent summer that hosted quite a bit of infrastructure FAIL . . . Locals aren't as enthusiastic about KC spending $35-MILLION up front and hundreds of millions in tax breaks to play home to tourists when neighborhood priorities are mostly ignored.
Here's the word:
"They aren't getting any more chances. At the end of Sept. they're going to ask for an extension and they will run into opposition. We'll have this debate again because City Hall can't be the only one paying for the hotel. We've been patient and now it's time for them to prove they can finish this deal. If not, we need to have the freedom to look elsewhere."
To be fair, there's a lawsuit threat that looms over the process and Mayor Sly James has warned his colleagues that any attempt to get out of this deal would expose KCMO to liability.
However, the cost-analysis risk decision confronting Council doesn't seem quite so scary given that developers still need to PUBLICLY prove that they have deep pockets backing their proposal in the first place.
Developing . . .