Thursday, February 21, 2019

TKC EXCLUSIVE!!! KANSAS CITY CONFRONTS EMERGENCY $90-MILLION SHORT-TERM LOAN BETRAYAL OR PRIVATE EQUITY DEAL FOR NEW KCI AIRPORT!!!



In just a few moments Council, the Mayor and a great many suits will slug out the deets of the airport and what could be one of the most costly betrayals of local voters in Kansas City history.

Our KICK-ASS TKC Blog Community talked this one weeks ago but today the Biz Journal has an update for their subscribers. Here's a snippet:

The city needs roughly $90 million to bridge the gap between this fiscal year, which ends on April 30, to cover expenses accrued on the Kansas City International Airport project that must be paid before the fiscal year concludes.

City Finance Director Randy Landes said Wednesday that the airline use and lease agreement — the contract that details how the airlines will cover the project's costs — must be signed before the city can issue bonds. Because it’s not clear whether that will happen before the end of the fiscal year, the city has to find a way to make the funds available.

Previously, the Aviation Department had looked at internal fund borrowing with other city accounts to cover the costs. However, City Council members expressed concerns that it would appear to the public that city funds were being used on the project, contrary to prior assurances. 

Fact check . . .

BOTH THE INTER-FUND BORROWING AND THIS EPIC EMERGENCY LOAN BETRAY PROMISES THAT THE NEW AIRPORT WOULDN'T COST A DIME!!!

But there's still a glimmer of hope . . .



KANSAS CITY INSIDERS SAY THE "PRIVATE EQUITY DEAL" IS ACTUALLY GAINING MOMENTUM AND MIGHT BE BACK ON THE TABLE AS EDGEMOOR FAILS TO LIVE UP TO PROMISES TIME AND TIME AGAIN!!!

Here's the word . . .



"Councilman Wagner argued at the last AC meeting that the airport should consider taking on private equity partners. Major James quickly denounced the suggestion as DOA. Why this immediate, forceful rejection? If private equity is allowed in, it will be a major rethink of the current financing scheme that basically hands over everything to the airlines in return for their agreement to pay for the construction bonds. It will let in a financing option that got B&M bounced at the beginning of this process. How will the airlines react if they have to share financing with other non-airline equity partners? Are they willing to do that? No wonder Mayor James and his enforcers want this idea dead, now. The fact that this resolution has been introduced for discussion by the Council suggests that Wagner and his supporters (aren't letting go of this issue, they want an open fight."

And the discussion continues over this construction battle over a STALLED project that grows more expensive and breaks more promises to voters every day.

Developing . . .

30 comments:

Anonymous said...

So they need a lot of money or they need all the money. That's not a good look either way.

Oberon said...

Count this as another failure for Jolie Justus. She didn't have any luck on her crime fighting committee and now this is turning into a cluster f*ck. If I didn't know better, I would almost think that the mayor is setting her up to fail.

Anonymous said...

#BringBackBurns&Mac

#DumpJolie

Anonymous said...

Never fear, we'll have the latest technology and design from 2012 when our new airport opens in 2050!

Anonymous said...

^^^ Lulz.

Anonymous said...

Lying thieves.

Granger said...

What's really interesting is the tact that the newspaper is taking on this one. They're totally playing off these insane figures and highway robbery as a "part of the process." They're been referencing other airport construction problems and delays constantly in their tweets. Almost like they're taking consultant talking points. Nope, EXACTLY like they're taking consultant talking points.

Anonymous said...

^^^ +100 on this one and the thieves comment.

Fat-phobic lesbian said...

Nothing to worry about. Won't cost taxpayers a dime.

Anonymous said...

This is the very best practices demonstration of regional planning elegantly moving into outstanding execution.


Hahahahahaha

9:45 for the win. This is what happens when you move ahead with a project that has not been carefully negotiated before you begin. The Rockhurst Mafia put the circus into play, and the hits just keep on coming. Something about Sly in a secret meeting so he is not doing his business on the streets is all coming undone. Now where are Marc and the ATA hiding and why did they let this charade proceed. Does anyone really think the fix wasn't called. Now we are assuming the Feds are watching the hogs at the trough, even if the Star is not.

Anonymous said...

not to worrey they will have a special election for a tax to fund it and voters will pass it

Anonymous said...

Going to need to mop the floor or move this circle jerk.

Anonymous said...

If you like your doctor, you can keep your doctor school of finance.

Anonymous said...

The minions at 12th and Oak have failed again. They are definitely not tired of failing. There needs to be more push back from more council members on this smoke and mirrors lie that has been force fed to the taxpayers.

Anonymous said...

Agreements and elections mean nothing. The airlines can sign anything they want. If they go bankrupt (as every airline always does), then all agreements are null and void. Then the bondholders will be paid by...…. oh, guess not the airlines. Guess who? We need to treat this project like we were spending our own money, which in the end, we are.

Anonymous said...

Clay will lead the way!

Anonymous said...

Yea for clay!

Anonymous said...

Clay will lead the way to 5th place in the primary! Yea for Clay!

Super Dave said...

90 million for what? Just what the hell has been done that should cost 90 million? Is this money used for food and drinks at these so called meetings taking place. I'd say the city has robbed Peter to pay Paul off and is short of cash needed is what this 90 million will be about.

Anonymous said...

^^Well thanks, but we would never ask a retard about finance. Thanks for playing though!

Anonymous said...

Is anybody ever fired in this City government? First, Joelie and Jermaine selected the proposal which offered the City and the citizens the least benefits and riskiest financial model because the Mayor and Heavy Contractors wanted them. Troy justifies the selection by saying Edgemoor was the only proposer that kept quiet doing the process, and will save the City $90 million. What a joke!

Any first year finance major would have known Troy's 100% debt only model for a quasi-P3/design/build project would be more risky to the city during construction and more costly in the long-term to the flying public, than one with a combination of debt and equity. Exactly what both AECOM and B&M proposed.

We need to recall the Mayor, Reed and Justus for malfeasance. Troy and Pat Klein should be fired, immediately.

Anonymous said...

^^Get on it STAT!!!! You start the process! Wait, what? You're just posting this nonsense on a blog????? LOSER!!!!!!

Anonymous said...

11:56 beats 12:04
Fire troy first, low hanging fruit.

Anonymous said...

11:37/12:04 the only loser here is you. Makes no difference when I come here I see your crap spewing comments. So calling someone else a loser when it's clear your whole life is living on this blog not only makes you pathetic, but clearly out of touch with reality to just what is really going on. You never add useful comments only hate. Get some professional help and fast.

Anonymous said...

Just basically learn to ignore any post that starts with ^^ or mentions Maude or Matlock. That's what the rest of us do. Starve the troll. ;)

Anonymous said...

@12:12PM Then for the love of God stop coming here!!!!!!!!!

Anonymous said...

@12:16PM Oh honey...you couldn't ignore me if you tried! ;(

Anonymous said...

All you municipal finance experts should file a lawsuit or something!!! You really got your money's worth out of college!!!

Maybe barber, but apparently clown.

OH RIGHT, NO PINKY SWEARS. WINK! WINK! said...

Just an hour ago, Ch4's Alford is doing good by, at least, mentioning that the voters approved (Hmmmm?) a ONE BILLION DOLLARS expenditure for the airport, NOT 1.8 BILLION DOLLARS!!

An approval shouldn't be given for an airport that hasn't kept to all promises of NO TAX DOLLARS TO BE INVOLVED, and pushing up to DOUBLE, AND MORE, OF THE VOTED FOR COST.

Fat-phobic misogynist said...

^^^ Since when did voters matter in this city?


The bottom line is the pro airport crew is trying to save their ass at this point. Even though they are already a national embarrassment.