Friday, May 31, 2019

Deadbeat Platte County Stays Winning Busted Zona Rosa Bond Debt Skip Out

A victory lap and a bit of chest-thumping that's deserved given the big money victory:

"The (Platte County) Commission's lawsuit has saved Platte County tens of millions of dollars," Todd Graves, a Graves Garrett LLC attorney representing the county, said in a statement. "This is a great day for taxpayers — and a firm rebuke to financiers attempting to abuse the public treasury."

More deets for subscribers on a fundamental flaw in the American economy -- The Internets cut out the middle-man in purchasing cheap Chinese junk. Here are the consequences and yet another nearly abandoned "entertainment district" in KC proper:

Judge: Platte County isn't obligated to cover Zona Rosa bonds - Kansas City Business Journal

A judge ruled that Platte County is not responsible for covering shortfalls on bonds tied to the Zona Rosa retail project. UMB Bank, trustee for the bonds, argued that the county was responsible for shortfalls in certain circumstances, but Platte County Circuit Court Judge James Van Amburg issued a summary judgement Thursday stating that the county isn't legally obligated to do so, per a 2007 financing agreement.


Anonymous said...

Yet another sketchy poorly written UMB Bond deal bites the dust!
Doesn't anyone there knowhow to play this game?

Hint: (Muni Bonds 101) when you are responsible for peddling Bonds to support a risky Private Business, be advised that sometimes Business Owners sell off losing properties to "Bigger Fools".

Next time you do one of these deals, you might want to consider that possibility.

Anonymous said...

Suburbanites have always been deadbeats.

Anonymous said...

Agree with the first comment. The bonding on this project was faulty at best.

Anonymous said...

This is exactly what independence should have done (and still should do) with respect to the bass pro project (the falls). Project revenues never matched up to debt payments and city bailing them out each and every year millions of dollars. No reason. Was not s general obligation bond (and GO bonds require a vote). If city would stop bailing out then bond trustee would file suit and discovery would reveal who pocketed the millions. Dumb fuck independence borrows 90million for a sporting goods store LOL.

Anonymous said...

Zona Rosa was supposed to be The Plaza of the North. It turned into a nightmare of twisty, narrow streets with parking meters (since gone). Go up there and try to drive through the area. You'll see what I'm talking about. Losing proposition from the start.