TKC MUST SEE!!! CITY HALL DESPERATELY SEEKING REIMBURSEMENT AFTER $35-MILLION+ 'CONTRIBUTION' TO DOWNTOWN KANSAS CITY CONVENTION HOTEL!!!
Here's a look at local government turning Kansas City bonds into junk thanks to a risky convention hotel scheme launched in hopes to capitalize on this town's fake 25-million annual visitor count.
Here are a few fun facts buried in the fact sheet which should frighten any voter worried about KCMO stepping closer to bankruptcy and/or wondering why City Hall needs more sales tax cash in the upcoming election . . .
The real world cost of the hotel . . .
Average Annual Debt Service: $2,664,519
Total Debt Service: $51,958,129
Source of repayment for debt service is an annual appropriation of general municipal revenues.
Translation . . .
WITHOUT THE CONSENT OF KANSAS CITY VOTERS MAYOR SLY AND MOST OF COUNCIL COMMITTED MILLIONS WORTH OF 'CASH UP FRONT' FINANCING AND TAX BREAKS FOR A SKETCHY HOTEL . . . NOW THEY ARE ASKING FOR MORE SALES TAX MONEY!!!
Here's the hotel cash request as 12th & Oak fills in tragic financial deets following the lackluster groundbreaking for consultants and assorted suits:
Ordinance #180164: Approving the issuance by the City of Kansas City, Missouri, of its special obligation bonds on a taxable basis to reimburse a contribution made by the City in the amount of $35,000,000.00, in connection with the Convention Center Hotel Project
Like it or not, this town is committed to this disaster in the making and we post this bit of financial info only because the KCMO reporting on the topic is mostly cheerleading, offers very little financial deets and/or propagates the Mayor's hope which believes this HIGHLY LEVERAGED DOWNTOWN KANSAS CITY HOTEL is the "missing piece" for a successful downtown.
Will it work???
You decide . . .
Of course it will "work" if you are getting paid up front like the lawyers or developers. It's only KCMO that gets stuck with the bill.
ReplyDeleteIf it doesn't work, they can always keep going to voters for more money. And if you read any local publication, more people just want to keep moving into KC to help finance downtown growth.
DeleteCongratulations Mayor Sly James, you have invented a financial perpetual motion machine.
What could possibly go wrong?
^^^ Yeah, the good times will go on forever and never stop.
DeleteMAGA!
That outlook is way too negative.
ReplyDeleteYes, taking money from the general fund isn't a pleasant option but it's the best deal that KC was ever going to get for the hotel. And what so many people overlook is the FACT that this new hotel will create jobs.
We're talking about keeping the momentum of our city going and putting people to work. Why the opposition? What is wrong with that?
This isn't just healthy skepticism, it's a hatred of progress and economic opportunity. This hotel and so much of the great thing happening downtown are a sigh of Kansas City moving forward. Obviously people support that agenda and it's time to ditch all the negativity and Go4KC!
^^^ Brought to you by Jolie Justus or Scott Taylor?
DeleteWhat garbage.
If you vote for higher taxes on April 3rd, your just signing KC's bankruptcy notice.
ReplyDeleteJobs for Johnson Countians, just like Cerner!!!!
ReplyDeleteIf this whole thing was such a financial deal with monies rolling in from conventioneers once it was completed, it would already be built with private money and no city assistance needed.
ReplyDeleteAll those 9 to 11 dollar a hour jobs will be a boom for bus fairs and bicycle sales.
ReplyDeleteNine times out of 10 organizations are going to schedule their training to take advantage of lodging near airports. This is another pipedream brought to you by the downtown revitalization cheerleading squad.
ReplyDelete9:23: Could be either. Neither has ever met an incentive request they didn't like.
ReplyDeleteANAL--OLOGY
ReplyDeleteKay Barnes is to Power and Light District fiasco
(KCMO pays millions every year to cover their shortfall)
AS
Sylvester James is to Downtown Convention Center Crony Hotel
(James dishes millions to his Mayoral challenger and former Councilman Mike Burke)
....and isn't it time Troy Schulte got fired? Geez! He's like a crime family lawyer.
Of course it will pass. As usual, the pro-tax forces are well funded and professionally organized, while the anti-tax forces are neither. Once the public project leeches figured out how to manipulate voters (e.g. special tax districts), it was all over for taxpayers.
ReplyDeleteTerrible.
ReplyDeleteCity Hall needs to hand out more money.
In fact, a blank check should be issued to anyone building housing.
What’s wrong with giving away free money?
Just keep the earnings tax going... raise it.
Build more free trolleys and raise business taxes after you give them TIGs.
Then declare bankruptcy in 3 years.
Welcome to how COMMUNIST LIBERALS run a government & city & county
ReplyDeleteThat's their plan for "Forced" Socialism, secretly behind your backs.
All your hard earned money will go to TAXES, Higher Taxes and New Taxes
1 day the Commie Liberals hope to have 90% of your PAYCHECKS or more goin to TAXES while you live in Squalor, that's their plan !
Their doing the exact same thing out in California, its all over the news and many VIDEO's posted on YOU TUBE on the MASS Exodus exit, people & businesses leaving California (Commie'fornia).
Just type in YOU TUBE Search :
Businesses leaving California
Mass Exodus of people moving out of California
California TAXES
Lots of videos to be found on the subject
Evidently this dumb ass KCMO Commie Liberal mayor is playing along with Californias play book of driving Business and people out of the city until Bankrupt, and the commie liberals will have all kinds of LIES & EXCUSES and finger pointing at everybody else, but themselves !
You'll NEVER EVER hear Democratic Liberals talk about "TAX CUTS" nor "Lowering Taxes" !
They do love to implement "NEW TAXES" and "Raise TAXES" !!!!
Liberals are like pathetic Degenerate "Crack Addicts" addicted to the Drugs & Dope, as long as somebody else is PAYING for it !!!!!!
^^^^Sounds more like crony capitalism from here.
ReplyDeleteLIKE IT OR NOT
ReplyDeleteFolks! the bullshit is not going to stop until you get off your asses and start voting NO.
ReplyDeleteVOTE NO ON PROP 1, ON APRIL 3 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ReplyDelete11:24, Trump is a Russian Troll.
ReplyDeleteDoes this make him a Communist?
In case anyone is still unaware, "Go4KC" is Chris Hernandez, a spokesman for the Mayor's Office.
ReplyDeleteThe whole reason James & Company keep cutting vital services, like police officers and 911 operators, is to keep residents and businesses worried that if the E Tax fails crime will become even worse. It;s a protection racket worth of Chicago in the 50's.
ReplyDeleteVery misleading by Tony, as special revenue bonds are not backed by the city. The convention hotel bonds are paid only by the TIF and CID revenue. If there are revnue shortfalls, the bond purchasers see a reduced return but the city isnt on the hook.
ReplyDeleteCrazy Clown is correct. Mass exodus from here due to the idealogy of the gubment will take care of you. Almost a sense of revolt in the air from citizens being deemed 2nd class to the illegal invaders. Typical democrats thinking the gubment drives the economy. 60,000 “house-challenged” people in LA yet 100 billion on a train thru a very active fault line?!? Bankruptcy looms for the 50th worst state to live in that will be rushed when POTUS cuts funding to sanctuary states. “Hi, i’m from the government and we’re here to help” means the opposite.
ReplyDelete12:45: Neither Trump nor Putin is a communist. Both are crony capitalists. Putin is rumored to be the richest man in the world, which makes Trump a Putin wannabe.
ReplyDeleteWasn't this revealed in the term sheets? OH! That is right! The city manager withheld the term sheets from the council. He thought their fiduciary duty to review the city's $35 million investment was unwarranted. 10:35 is correct! The city manger should be fired! why can't the Council organize themselves to do so? Lee Barnes? Quinton Lucas? Heather Hall? Kevin McManus? Katheryn Shields? Teresa Loar? Alissa Canady? Jermaine Reed? and Dan Fowler? Get it together!!! THERE IS CORRUPTION HERE !!! None of you have ever looked deep enough to find it.
ReplyDeleteA note to Lee Barnes.. You don't want to fire the city manager because you don't want to pay him his golden parachute, eh? Well grow up. That's why golden parachutes are there so people wont want to enact them. I assure you Lee, there is more to save by stopping the city mangers corruption than just a years free salary. And Dan Fowler, you should put down whatever rose colored glasses you wear or cocktail glass you're holding mid-afternoon, THIS NOT GOOD BUSINESS. This is NOT a city manager who is "doing a good job."
So many attorneys on council and they just can't find the corruption. They couldn't find it if it was a stick that hit them over the head!!! Where is the college contracts professor, Quinton Lucas? He cant' find the corruption? Where is Katheryn Shields? She is fearless.
And btw, it is not $35 million. With interest it is $50 million.
Do I sound like someone that knows whats going on? Well, I am. Council members get it together! Pull the strings on the citys "cash contribution" to the hotel... you will find corruption and a pathway to a new city manager.
I've heard that $35 million vs $50 million point before. Does anyone know if its true?
ReplyDeleteIf Katheryn Shields wants to be the next mayor - she should pull open the city's "cash contribution" on this project. Key words, Katheryn: Kemper Bond, cash contribution, reimbursement, annual appropriation, general municipal revenues.
ReplyDeleteCompare this to all the city managers comments this
hotel project will not be a financial responsibility of the tax payer.
HOGWASH it won't!!
The City Council members are playing roulette with the KCMO tax payer. These folks have no idea what they are doing and should not be in charge of a $1.4 Billion budget.
ReplyDeleteI am so glad I don't live in Kansas City. Now if I could just get my investment partner to sell what ground we own in KC I'd be one damn happy camper. But honestly, nobody is really looking at vacant industrial ground and that should be a warning sign right there.
ReplyDeleteNo need to worry all the millennial's will figure it out
ReplyDeleteBy time the hotel is built we will be in a travel depression. And the Hotel's in Crown Center and the Crossroads will Have Most of the Business. I see the Downtown Marriott just getting by ...The Convention Business will be slow. And I sure they read the K.C.Feds. Reports. Good luck. .
ReplyDeleteThe two biggest projects in a generation...a corrupt hotel and corrupt airport, no wonder Amazon flew right over KC and went to Columbus, Nashville and Indianapolis! Easy to blame the city manager, but how about the council members? I read this stuff and I am ashamed of my city.
ReplyDelete1:09, WRONG!! The $35 Million in bonds Sly gave Burke are guaranteed by the City!! Ask Troy if you doubt!!
ReplyDelete4:21, have you actually read the documents? Probably not, more fun to remain ignorant and just rant.
ReplyDeleteThe city managers unwillingness to disclose the term sheets and due-diligence says it all! - typical KC back room, corrupt life in cow town. Naive and spineless elected officials work for the city manager and allow it to happen.
ReplyDelete