Retail is dead in every part of the nation and it's not even a good sell in the lily-white suburbs of nearly rural Kansas.
Here's why this story is interesting . . .
Here in KC proper we're coping with rising crime, a city hall administration that's hostile to every kind of biz, neighborhood and development . . . Along with the the threat of Amazon.
However . . .
Taxpayers in Kansas can't blame this impending demise on "urban youth" or some far away politico. This developer overreach problem in homegrown and apparently burning money just as fast as any urban trash fire.
Now . . .
We normally chide this news outlet as a mere "prog blog" but in this instance they offer some impressive journalism and state house reporting that contradicts so much local suburban cheerleading.
Check the money line . . .
Auditors with the Legislature said their analysis of the PrairieFire project built with capital raised through issuance in 2012 of Sales Tax Revenue Bonds, or STAR bonds, indicated the project wasn’t generating enough sales tax revenue to repay debts in the required 20-year period. Originally, $64.9 million in bonds were issued for the project. Debt remaining to be paid: $64.8 million.
Auditors predicted it could take until 2046 or 2104 to produce sufficient sales tax revenue to retire the PrairieFire obligations held by the city of Overland Park.
“They are in danger of default,” said Andy Brienzo, of the Legislature’s audit division. “We can’t say that definitively. There is some additional development that is slated to happen.”
Read more via www.TonysKansasCity.com news link . . .
Legislative auditors skeptical Prairiefire development can pay off $64.8M in bond debt - Kansas Reflector
TOPEKA - The Overland Park retail, office, hotel and residential development attached to the Prairiefire museum struggles to attract out-of-state tourists and could default on $64.8 million in bond debt issued through a state economic development program under scrutiny by the Legislature.
Developing . . .