Friday, February 08, 2019
TKC READER EXCLUSIVE FACT CHECK!!! COUNCIL LADY JOLIE JUSTUS JUSTIFIES NEW KANSAS CITY AIRPORT BAD DEAL!!!
Link to an important talk today and push back that no other news outlet is willing to provide courtesy of KICK-ASS INSIDERS who have looked over the fine print and share the deets with us right now . . .
The Sound of Getting Hosed at KCI
Jolie Justus, Councilwoman, mayoral candidate and chair of the city’s Aviation Committee, went on local radio today to backstop perhaps the greatest deceit behind the airport deal sold to voters. You can hear the interview on KCMO.
Listen to the audio track of the interview between minutes 2:25 and 2:54. She reports, correctly, that the airlines have agreed to a nine-year deal to pick up new airport cost. While Justus pitches this as a happy development, it exposes the falsehood that airlines will pay for the new airport. Pay for how long? What she’s saying is that an undetermined number of airlines are promising to cover costs for only nine years.
This is not a minor detail. It’s a major red flag. Why? The city is asking airlines to pay for airport construction bonds with a total cost of about four billion dollars over 35 years. Payment on these bonds will be somewhere between 115 and 120 million dollars per year. Will airlines pull out of this deal after nine years, leaving the airport (taxpayers) on the hook for another couple of decades?
Airlines may claim they won’t. Unlike a paternity suit, this deal is not enforceable unless it’s written to cover the whole 35 years.
Remember, airlines signing the nine-year deal will be collectively responsible for the bond debt. Any airline that bolts the collective after nine years cuts its costs, forcing competitors remaining in the deal to pay more. If airlines have already gotten a shiny new airport and the ability to stop paying after nine years, would you bet that taxpayers won’t end up with the financial version of the pee-on-thingy surprise? Evidently, Councilwoman Justus is willing to gamble taxpayers won’t get hosed at KCI.
Developing . . .