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 . . .
Read the whole thing HERE and HERE. . .
Developing . . .