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.
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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.