Thursday, April 25, 2019
DISGRACE!!! SHAMELESS DOWNTOWN KANSAS CITY DEVELOPERS DEMAND EPIC TIF FOR LUXURY HOTEL!!!
The latest slap in the face for just about everybody who isn't on the payroll of this project . . . Take a look a disgusting scheme that threatens bankrupt this town:
KC Biz Journal: Luxury hotel developers: KC's first 5-star property should get TIF
Developers of the $63 million high-end hotel proposed on land adjacent to the Kauffman Center for the Performing Arts plan to make their case to the city's Tax Increment Financing Commission of Kansas City in May for financial support.
Whitney Kerr Sr. of Cushman & Wakefield and Eric Holtze of EJ Holtze Corp. told the Kansas City Business Journal they plan to use private investments to develop most of the hotel near Wyandotte and 16th streets.
However, they are requesting a 75 percent TIF plan over 23 years, meaning the developers would receive about 75 percent of the property taxes on the new project, which would go toward a total of $19 million bond servicing during the life of the TIF. The remaining 25 percent of the property taxes would go to taxing jurisdictions.
Developing . . .