Thursday, April 18, 2019

TKC WARNING!!! CORDISH 'THREE LIGHT' THREATENS $17.5 MILLION PARKING SUBSIDY FROM KANSAS CITY TAXPAYERS!!!



Here's local good life big biz enjoying a seemingly endless stream of corporate welfare. Take a look:

Among the incentives approved for Three Light is a $17.5 million subsidy the city has agreed to pay for a parking garage for Three Light — as it did for One Light and Two Light.

You read that right . . .

KANSAS CITY IS ALREADY ON THE HOOK TO PAY EVEN MORE CASH FOR LUXURY PARKING FOR THE DOWNTOWN ELITE!!!

Here's the damage . . .

KC Biz Journal;: With Two Light occupancy milestone, could Three Light be near?

Other than touting leasing rates in the up 90th percentile . . . The article for subscribers is mostly useless given that all the relevant info is buried. Here's the basics for edification . . .

Details for the $130 million, 300-unit building, but the mix of one- and two-bedroom apartments will be similar to One Light and Two Light.

The project has faced opposition in City Hall, where some council members questioned the use of incentives for the project, saying Cordish used increased competition in the downtown luxury apartment market to help justify its latest request, though the developer itself has created much of that competition through its successful — and incentivized — developments.

Developing . . .

11 comments:

Anonymous said...

Have the jobs created helped the KC economy by at least 17 million? If not, it's time to end this agreement.

Anonymous said...

The "elite"?
In downtown KCMO?
Hahahahaha!!

Super Dave said...

If the city were to cut the purse strings with Cordish any guesses to how long it will be before you see a lot of empty real estate all over downtown? Cordish only survives on these handouts. Any guesses that Cordish is right now cash strapped and needs this money to operate on as they start another project and then return to the city for another hand out?

If Cordish is such a hot shot company how come they can't build anything anywhere without mega million dollar handouts?

Cordish has been called and earned a reputation as a corporate cannibal, an enemy to the local economy, known for the killing of other surrounding businesses. You don't build places like the P&L Dist and not create collateral damage to other areas of the city. Not to mention the added cost of places like Kansas City having to pump more taxpayer money into the area to keep the projects from failing.

Taxpayer money needs to be used strictly for projects that benefit the whole city and not a few blocks here and there for special interest groups. If a development can't be built on borrowed money and supported cost wise from its operation then one would have to then deem that is was a bad idea to begin with.

City Hall is a building where the offices of running the city should be located and where the operating of the city is discussed. It's not the location where the city leaders hold secret meetings with developers and act as the money lenders to build their dreams. City Hall is about local government operations, not real estate development with taxpayer money.

Hyperblogal said...

Maybe all those seeking affordable housing can sleep in the subsidized garage.

Anonymous said...

the power of peter piper persists in pandering by procuring pilfered parking

Anonymous said...

cordish needs to lay their three light egg in another city.

Anonymous said...

This handout probably came from the missing KCPS funds.

Anonymous said...

Can't wait until Four Light!

Anonymous said...

Has Cornish endorsed Jolie yet? I’m sure they will pay her well for this.

Anonymous said...

^^^ teamwork!!!

Anonymous said...

I don't like Cordish a lot, but I do trust them to improve the city more than I trust the city council to. At this point we're stuck with Cordish because downtown is barely hanging on right now and the whole thing would collapse if we cut it off and we'd get a downtown like back in the 80s and the Cleaver era -- basically making us like baltimore or St louis.