TKC BREAKING NEWS!!! COUNCIL SOURS ON $17.5 MILLION SUBSIDY FOR DOWNTOWN KANSAS CITY LUXURY APARTMENTS!!!
Behind the scenes, Council is pushing back against the City Manager's office and a demand to keep giving away big money to developers of high-rent property that most voters could never afford.
To wit . . .
CHECK THIS INSIDER QUOTE REVEALING CITY COUNCIL DISDAIN FOR THE BIG MONEY CORDISH DEAL!!!
At the very least, it's nice to see some effort to rework the terms . . .
"Cordish is asking the city for $17.5 million to help build luxury apartments. This council has a chance to get out of this 99-year deal and definitely should take it. Or at least renegotiate."
We've been covering this story for a few weeks and now the deal is reaching a climax as election season moves closer and City Hall attempts to sell a new budget that FAILS to provide more dispatchers for police in the midst of a homicide crisis.
Check the links:
TKC FIRST NEWS: City Manager Troy Schulte said the city is obligated under its 2004 master development agreement with Cordish to build the parking garage for Three Light, estimated cost $17.5 million.
Newspaper Editorial Follow-Up: Does Kansas City really need to subsidize the Three Light luxury apartment project?
According To Cordish: The 300-unit Three Light tower is planned for the northeast corner of Truman Road and Main Street.
Developing . . .
Telling voters how a tax abated luxury property helps them is going to be hard work. I think they might need to call in more consultants.
ReplyDeleteSo, when exactly does the streetcar start paying for itself?
Delete^^^ Shhh! This new parking lot is going to be the "missing piece" for downtown.
DeleteNobody is seeing the real problem here. Troy Schulte needs to go. He's now KC's lead developer, not a real city manager. It's time to send him packing.
DeleteHelping build more downtown living space, even at the high end, is a worthwhile goal. But 99 years worth of subsidy is simply too much for KCMO to commit. It just looks greedy.
ReplyDeleteRework the deal, KC is in the drivers seat because there should be plenty of other companies who can build their own parking structures.
Where is Tony going to park his Ferrari?
ReplyDeleteEat the rich
ReplyDeleteAt last night's forum on tax incentives it came out that Three Light is asking for incentives in order for it to compete with its competition. Guess what its competition is. One Light and Two Light.
ReplyDeleteWhat a joke.
In the #METOO era, Cordish continues raping KCMO unabated!!
ReplyDeleteHow is this possible?
1) Because Cordish donated generously to Sylvester James' campaigns.
2) Troy Schulte was bought off with pay raises and contract extensions, so he'll do whatever James and the developer team asks.
It's simply incredible that a Baltimore-headquartered company can successfully comprise the municipal government of KCMO.
Not enough money.
ReplyDeleteWould like to see Sly give them $100 million and keys to the city. Should also riscind city earnings tax for developers and their families and best friends of their families.
Sly should also buy self-driving cars for all residents that move in and start naming city streets after anyone who works on 4 Light and 5 Light.
Sly would do well to give free meals to all reporters from the KC Star who write about diversity but keep firms who don’t hire appropriate ratios of minorities to keep that info from
Leaking out and keeping Greitens out of the news.
Maybe he could help prop the Star up some more and give them several hundred million so they can hire more editorial staff who can divide and conquer with amazing Menzsa-like articles that get everyone on their side and change everyone’s opinions to LIBERAL. Maybe put Jenee and Sanchez and Donavan incharge so they can hire all their friends. But them new cars... except for Jenee who bought a new car recently and blogged about it at a 5th grade writing level that must have impressed her 3rd grade teachers.... or maybe her mommy and daddy.
Give it all away and start collecting a 10% earnings tax to pay for it all and have Rex S sign off on it!
Can’t wait...
It's CORDISH!
ReplyDeleteOf course any Councilmembers who want to run for Mayor are going to grandstand, but if you believe for a moment that Cordish isn't going to get everything they're asking for, I'd like to talk to you about a great opportunity in Real Estate Investments.
In about five years the apartments will be about fifty percent occupancy ..There is a downturn in the economy coming the Bubble will burst. Ann Companies will not pay,The Eighty-five Thousand dollar a year salary. They will have problems renting. They may try to turn them into condos if they have problems renting
ReplyDeleteKansas City should have said "NO" a long time ago.
ReplyDeleteThe KCMO "downtown renaissance" is nothing more than a taxpayer-subsidized Fantasyland.
ReplyDeleteA movie set.
Nothing more.
And taxpayers will be stuck trying to pay down this upside-down debt for many decades to come.
That's what happens when you elect con men, carnival barkers, and people whose most important question is "what are you going to run for next"?
Over and over again!
Go for it. Power and Light is profitable.
ReplyDeleteWhy would anyone live in KCMO / Jacked County ?
ReplyDelete"Go for it. Power and Light is profitable."
ReplyDeleteNot.
Does anyone know how much the people who bought Stanford Comedy club got paid to go to the P&L district? You a payoff of some sort had to take place.
ReplyDeleteThe City is already contractually obligated to provide the incentive. Also, why do people continue to say that incentives take money from taxing jurisdictions? The Cornish building would have never happened without the incentives and therefore, this isn't taking anything away. It is actually providing for increased revenue to all. Taxing jurisdictions need to learn to reduce their budgets, not find ways to tax everyone more.
ReplyDelete@1:01pm
ReplyDeleteIf you start with the notion that no private investments in real estate will ever happen without the public picking up at least part of the tab, you've bought into the big con and set yourself up to pick the short straw in each and every "public/private partnership" that comes along.
If there's actually a market for apartments in downtown KCMO and a profit to be realized, investors/developers will build them.
The P&L District continues to cost the taxpayers $15 million/year and will through around 2030.
If you look around the table and can't identify the mark, it's YOU.
And tax-abated property puts pressure on public services without generating any revenue.
Who picks up that tab?
@ 2:05
DeleteIt is painful how ignorant you are. Do you know how much they are paying in payment in lieu of taxes? The answer is $550,000 in year one, increasing 4.5% annually. This is all new revenue, as any reasonable person would agree that the site would not have been developed, other than maybe for some small use that wouldn't significantly benefit anyone, without the incentive.
Additionally, the City collects increased earnings tax from all the new residents living in kansas city and new sales tax revenue.
Finally, how many residents of one, two and three light will have kids, let alone send them to kc public schools? The answer is zero. Anyone who can pay for the apartments can pay and will pay for private school or at the very least send their kid to a charter school. Therefore, the payments in lieu of taxes are completely new revenue to the school district with no additional expenses.
Luxury apartments at Truman and Main? LMFAO! Stripped Priuses and Beemers will litter the parking lot like dead roaches after a Raid attack. And those cars that aren't stripped will get pried open so well-heeled drunks and addicts can bareback hookers on your nice back seat.
ReplyDeleteThis is rich, I tell ya!
I thought the Russians were buying those with no intention of moving in.
ReplyDeleteThe easy money is drying up. There's better markets that don't have riots.
ReplyDelete^^^^^^^
ReplyDeleteWhere, oh where does all the "new" money go?
Underfunded police department, misdirected PIAC money, poorly-maintained streets throughout the city, and little investment or attention to neighborhoods outside of downtown.
And let's run those numbers on Mike's taxpayer subsidized hotel.
The Koolaid flow never slows down at 12th and Oak.
4:49 is the one who is ignorant.
ReplyDelete@4:49pm
ReplyDeleteIt seems odd that a city with this tremendous increase in tax revenues that you describe has to resort to increases in water and sewer rates and then siphon that extra money off to the general fund instead of using it to operate, maintain, and improve the utilities.
And money to the general fund is used for "general" purposes, which is to say anything the electeds want to spend it on.
That's about as underhanded a way to raise revenue as you could come up with.
Apparently arithmetic still wins.