Kansas City P&L District Proves Costly FAIL

Here's a reminder about the EPIC KCMO CASH DRAIN for a plan that never really worked and now threatens to bankrupt this town . . .

The city has had to take out $15 million per fiscal year from the general revenue fund to pay the debt since the entertainment district hasn’t generated enough revenue on its own to pay it down. 

Without refinancing, the city would have to pay $13 million this fiscal year toward the debt. For fiscal year 2022, that amount would grow to $19 million, the city’s finance director said. 

Getting lower interest rates and spreading out the payments could lower the city’s payment for fiscal year 2022 to $5 million. Under the new plan, the city would pay off the debt in 2040, seven years later than originally agreed. 

More deets here for subscribers . . .

KC considers refinancing Power & Light District debt again to offset pandemic budget hurt - Kansas City Business Journal

Kansas City will consider refinancing the debt it incurred to develop Downtown's Power & Light District, a move it hopes would ease the budget shortfall caused by the pandemic. Refinancing the debt would help offset budget cuts the city may have to make to account for plummeting tax revenues caused by the pandemic.

Comments


  1. Well gee no kidding when you have a racist mayor who lets the black idiots block streets and do doughnuts to show their strength and then put their signature all over the streets. What the hell did anyone expect to happen? The COVID has little to do with the hurt down there. Put the blame where the blame is due.

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  2. Why risk your car getting broke into or being robbed when the beer is just as cold down the street ?

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  3. Gee, why are tax revenues plummeting? I was told that shutdowns wouldn't affect that at all!

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  4. So we’re paying 15 million a year when all this time all they had to do was refinance down to 5 million a year? What fucking idiot thought paying three times more was the way to go? Fire his ass immediately.

    15 mil a year Times 13 is 195 million.

    5 mil a year for 20 years is 100 million, that’s ten million a year back in the general fund for a difference of 5 million overall.

    10 million a year for streets and infrastructure would go along ways around here.

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  5. And, knowing current construction practices, in 2040 P & L will be starting major decay.

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  6. Why don't they just raise taxes? That's their standard kneejerk reaction to everything.

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  7. Democrat run cities run the risk of generating Democrat mistakes. KC is the New Detroit, Baltimore, etc.

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  8. DO NOT RENEW THE E-TAX!!!!! IF YOU HAPPEN TO BE CONSERVATIVE, WHITE, OR LIVE
    OUTSIDE DOWNTOWN, THOSE DOLLARS GO TO DOWNTOWN INTERESTS, ADMINISTRATION INSIDERS, PEOPLE AND GROUPS WHO HATE YOU. YOU ARE FINANCING YOUR OWN DOWNFALL IF YOU VOTE YES.

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  9. Someone who knows finance and investing2/11/21, 11:33 PM

    What has taken the city so long to do a refinance? The person responsible for the bonds on the city's payroll or the company they use to sell the bonds has a duty to refinance the bonds any time the rates drop. Once again someone on the payroll has dropped the ball. The Federal rate has been at almost zero for three years.

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  10. Youi idiots should have never gotten involved in such a fiasco!!! Thanks Kay!!!

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