Saturday, September 07, 2019
TKC TOLD YOU SO!!! KANSAS CITY CONVENTION HOTEL ALREADY OVER BUDGET AND FAILING!!!
Over and over our KICK-ASS TKC READERS & TAX FIGHTERS have warned about the sketchy finances of the upcoming Downtown Convention Hotel.
Here's confirmation . . .
Cost overruns, new budget pushes price of Kansas City's downtown convention hotel up millions
The cost to build a new 800-room convention hotel in downtown Kansas City — initially pegged at $310 million — has grown by about $57 million, according to the latest figures.
A new budget for the Loews hotel at the northwest corner of 16th Street and Baltimore Avenue grew to $360 million last year, in part because new elements like an event deck were added to the project.
Since then, the project has incurred $7 million in cost overruns. Those figures were disclosed on Friday at a meeting of the Tax Increment Financing Commission of Kansas City.
The increased costs are the responsibility of the hotel developers, not taxpayers.
About that last line.
Allow us to explain . . .
THIS HOTEL DISASTER WAS RIGGED FROM THE START AND DENIED VOTER INPUT!!! THERE HAS BEEN NO ACCOUNTABILITY DESPITE EPIC TAXPAYER SUBSIDY!!!
Agreements and contracts can be changed given that the KC legal department is this town's favorite punching bag.
So, forgive us if we don't take assurances from politicos and lawyers seriously.
In the end, KC has backed this project with tens of million up front and bond issues worth hundreds of millions. The hotel hasn't even opened and already there's a revenue gap.
Like so many readers predicted . . . The Downtown Kansas City Convention Hotel is a FAIL and a money losing proposition that will blight the skyline and drain City Hall coffers for years.
Developing . . .