Tuesday, June 04, 2019

NEWSFLASH!!! MISSION GATEWAY CONFRONTS MORE MONEY PROBLEMS!!!



Developers seem to be quickly answering concerns whilst money woes reveal cash trouble behind the scenes.

Checkit:

KC Biz Journal: More Mission Gateway woes: General contractor filed $1.5M lien

Deets:

As the developers behind Mission Gateway sought to return to normalcy on the much-delayed project at Johnson Drive and Roe Avenue, one of its general contractors filed a $1.5 million mechanic’s lien in Johnson County to get payment for work it had completed.

Filed in January 2019, the lien was resolved about four months later. A mechanic's lien is the first step a contractor must take to legally receive unpaid compensation for a job . . . 




Two subcontractors had filed mechanic’s liens, worth about $200,000 each, against the developers and Neighbors Construction. Those were resolved around the time the project received $20 million in bridge financing from Metropolitan Commercial Bank. When asked whether the project has received additional financing, Ashwal said it had not yet but is continuing on schedule.

“Mission Gateway’s developers continue to work within the financing received from MCB and are in discussions with several lenders for mezzanine and senior debt,” Ashwal said in the statement. “These conversations are progressing on the schedule anticipated by the project development team.”

Developing . . .

4 comments:

Anonymous said...

Why is the Mission "gateway" such a disaster? Seriously.

Save The Plaza said...

^^^ Because they're trying the "create" demand and not cater to it. Retail has enough problems as is, Mission doesn't need another mall or luxury apartments. If the demand was there, then business people would find away. This is just one more example of developers using taxpayer money to back up a harebrained plan.

Anonymous said...

Should have just built the fucking aquarium.

Anonymous said...

@ Save the Plaza
You're right that these "developers", the definition of which is pretty much anyone with a big big story and a pulse, are happy to try to use taxpayer money on harebrained schemes.
But the people who enthusiastically climb on board and open the public treasury are the elected clowns who are constantly wowed by stories of "economic development", jobs, and future tax revenue.
A little due diligence, common sense, and the courage to say NO would go a very long way.
And KCMO is exhibit A.