Monday, December 04, 2017
TKC BREAKING AND EXCLUSIVE NEWS!!! COUNCIL LADY COALITION DEMANDS FINANCIAL DEETS FROM DOWNTOWN KANSAS CITY CONVENTION HOTEL!!!
As TKC FIRST REPORTED LAST WEEK . . . Questions over the fiances of the proposed Downtown Kansas City Convention Hotel are causing controversy at City Hall.
Even better . . .
CELEBRATE THIS COALITION OF COUNCIL LADIES ASKING FOR DOWNTOWN KANSAS CITY CONVENTION HOTEL ECONOMIC DEETS THIS WEEK!!!
Here's the official statement . . .
Ordinance Co-sponsors Katheryn Shields, Teresa Loar and Heather Hall will host a joint press conference Tuesday, December 5 at 1 pm to answer questions regarding their drafting of this ordinance to seek clarification, transparency and accountability for the citizens of Kansas City regarding the downtown convention hotel project.
“We are simply requesting actual documentation of the financing, the guaranteed maximum cost, the term sheet, and sources and uses for the project,” said Councilwoman Shields. “The agreement between the City and the hotel developers was voted on with the previous Council prior to the replacement of the hotel operator and lead investor. In light of the delay in closing and substitution of development principles, this Council has the obligation to verify its feasibility before investing millions of public dollars – and a one-page PowerPoint slide does not satisfy that requirement.
Councilwoman Loar expressed concern that the project will hurt the taxing jurisdictions if the financing is not confirmed prior to the city’s portion of $35 million being issued. “I am concerned for our schools, libraries and other taxing jurisdictions,” Councilwoman Loar stated. “This involves substantial tax incentives that can impact those jurisdictions.” “This ordinance is in response to over one year of requests by my colleagues and me to gain the proper confidence level in the financing of the project. My goal in every project is transparency and accountability to the citizens, said councilwoman Hall. “It is a simple matter for the proponents to provide the Council and public with clear and simple documentation.”
Check the presser . . .
Developing . . .