Tuesday, March 17, 2020
TKC TOLD YOU SO!!! BIZ REPORT REVEALS CORONAVIRUS THREATENS KANSAS CITY CONVENTION HOTEL GRAND OPENING!!!
We talked about the Coronavirus pandemic impact on local tourism last week and now it's news fact . . .
Here's the latest on a $367 million project that Kansas City taxpayers were forced to subsidize despite the objections of tax fighters.
Uncertainty surrounds Loews' KC hotel opening as coronavirus restrictions grow
"Representatives for Loews did not respond to requests for comments and would not say whether it still planned to open its doors on April 2, the day Lucas' state of emergency declaration is set to expire.
"The mayor's office told the Business Journal on Tuesday that it will re-evaluate whether to extend the order past the original 21 days as the city approaches the end of the initial order, but it is too soon to predict if it will need to be extended."
Like it or not, "uncertainty" is the last thing that local officials want to impact the HUGE TAXPAYER INVESTMENT that's already losing money.
"The project has incurred $7 million in cost overruns. Those figures were disclosed at a meeting of the Tax Increment Financing Commission of Kansas City. Officials claim, the increased costs are the responsibility of the hotel developers, not taxpayers."
Moreover . . .
Let's not forget that this project has already confronted multiple delays as voting rights advocates opposed tourism expenditure without a public vote.
More info for subscribers at the KC Biz Journal.
Developing . . .