Wednesday, October 16, 2019
DISGRACE!!! CITY HALL COMMITTEE APPROVES TWO PLAZA LUXURY TOWERS FINANCED BY KANSAS CITY TAXPAYERS!!!
Our blog community BROKE THIS STORY FIRST and now we notice newsies scrambling to follow-up the story with 12th & Oak spin.
Fox4: KC finance committee approves plan for 2 new Plaza area hotels
Two hotel towers would each extend about 100-feet high. Tall buildings so close to the Plaza have been an issue for neighbors in years past. One hotel would have 175 rooms, the other 138 rooms with 19,000 square feet of retail space and an underground parking garage with 325 stalls.
Developers expect to spend $104 million on this project with $80 million in industrial revenue bonds to be paid over 20 years.
Point of contention:
"Developers will make 100 percent payments in lieu of taxes for 20 years until the bonds are paid off. There is no taxpayer funding of the project."
WRONG. That's City Hall propaganda . . . The bonds are financed by KCMO i.e. TAXPAYER CASH supporting development when it could be used to back better infrastructure etc. . . .
A better take from our INSIDER readers:
Entering the grocery business has gone so well for the City, why shouldn't they enter the hospitality/lodging business? Misery loves company?
Why would the City finance approximately 80% of the total project, violate their adopted Chapter 100 policy, and unnecessarily assume tremendous financial risk?
Why would newly elected Mayor Quinton Lucas who campaigned aggressively against generous developer subsidies in areas like Downtown/Plaza not squash this proposal by fighting against it? Has he completely caved to the developers/law firms so soon?
Developing . . .