Thursday, January 18, 2018
TKC MUST SEE!!! TAXPAYER SUBSIDIZED DOWNTOWN KANSAS CITY CONVENTION HOTEL GROUNDBREAKING COMING SOON!!!
On a rough day for Kansas City developers and techies, City Hall is quick to tout other victories.
To wit . . .
WITHOUT REAL TERM SHEET DISCLOSURE KANSAS CITY TOUTS THE GROUNDBREAKING OF THE NEW HEAVILY SUBSIDIZED DOWNTOWN KANSAS CITY CONVENTION HOTEL!!!
Take a look at a deal done without any public vote and very little transparency . . .
KC Biz Journal: KC convention hotel now is days away from starting construction
"Bonds will cover roughly $79 million of the convention hotel’s construction costs. The project’s financial package also includes $145 million in bank loans and $59.6 million in developer equity. Of that amount, 91 percent will come from Loews Hotels, which replaced Hyatt as the hotel’s operator in June.
"The city’s contribution to the project includes a $35 million cash donation, a $7 million land donation, plus tax increment financing, a community improvement district and a contract that will give Loews exclusive catering rights in the Convention Center’s Grand Ballroom and Conference Center for 15 years."
Developing . . .