- The Strata office building would be built on a speculative basis, that is, without tenants committed beforehand.
- The city will instead allow its credit to back $27 million borrowed by the developers. That means it would cover any shortfalls should revenues fall below projection.
- The city would use the parking revenues generated by the garage to pay for its share of the cost and would be guaranteed the first $75 for each space per month.
Translation . . .
KANSAS CITY CORPORATE WELFARE QUIETLY MOVES THROUGH CITY HALL WITH A FEW DISCOUNTS FROM EMBARRASSED SUITS BEGGING FOR CASH!!!
Of course there are all kinds of promises to return the investment and even make a profit for KCMO as if City Hall was a bank.
If it was such a great idea they wouldn't be asking taxpayers to put up the money. For those who think this is cruel . . . Go ask Jon Copaken for some cash with only a flimsy promise to pay it back . . . Then wait for the answer and report back to us with the deets.
Of course the Council Finance Committee PUNTED and moved it along WITHOUT A RECOMMENDATION in hopes that TKC will be taking a nap when the decision goes down . . . Those are good odds BTW as local media is mostly kind to corporate welfare in order to keep future job prospects open very much the former newspaper "journalists" who play shill for big developers when they finally discover that the news doesn't pay.
Developing . . .