Monday, October 21, 2019
SHOW-ME MAYOR Q FACT CHECK ON MORE KANSAS CITY LUXURY HOTEL SUBSIDY!!!
This blog BROKE NEWS about more big money hotel subsidy and even if policy wonks are too timid to reference this blog . . . We share the tax fighter reference nonetheless . . .
Remember that KCTV5 followed up on TKC FIRST NEWS and got this quote from Mayor Q:
"There is no money coming from taxpayer sources to directly fund this. The question on the bond obligation is to what extent is the city pledging its full faith in credit in connection with the lending?"
The ensuing screed from our pals at Show-Me with the help from a few 25 cent words . . .
Despite the fact that Kansas City just held an election in which the city’s profligate use of tax subsidies played a major role, the city council is at it again.
Money line . . .
"The project doesn’t use existing taxpayer sources, but it may abate or redirect the taxes that would have been paid but for this ordinance. It’s a distinction without a difference. As for the second part, that is a whole other consideration: If the project goes belly up and no taxes are being redirected to bond payments, will bondholders come after the City of Kansas City, the folks who issued the bonds?"
As always, KCMO taxpayers are usually left holding the bag.
You decide . . .