Friday, May 08, 2020
TKC BREAKING AND EXCLUSIVE NEWS!!! PAYING P&L DISTRICT 2020 COVID-19 SHORTFALL THREATENS TO BANKRUPT KANSAS CITY WITHOUT GUV STIMULUS!!!
Party people in Kansas City often forget that taxpayers subsidize the foremost event space in town.
At times, City Hall has been forced to subsidize nearly $20-MILLION a year for the P&L District but that figure has been reworked, massaged and manipulated more times then a downtown bar fly. Still, tax fighters have long contended that this is one of the worst deals KCMO has ever negotiated.
Accordingly, a great question caught our blog community at the PERFECT TIME . . .
"If the normal revenue shortfall for the Power and Light District is around $14-million… what in blazes will it be this year???"
A quick text earned a surprisingly speedy reply from insiders at 12th & Oak . . .
"North of $23-MILLION and no less. Surprise, we don't have it! So we'll have to restructure the debt again . . . Yes, thereby prolonging the payments. This isn't the only project that will require that either. If we don't get at least some of that CARES Act money, we're talking bankruptcy in about 7 years . . . Unless there's a total and rapid return to previous revenue levels which nobody expects."
Developing . . .