P&L District Debt Costs Kansas City AT LEAST 167 MILLION BUCKS!!!

Not so surprisingly, selling 10 dollar beer to suburbanites and tourists isn't as profitable as nobody imagined.

Something worth considering . . . 

EPIC parties captured with wide-angle lenses to share on social media have NEVER paid their own rent and we can't (entirely) blame the downturn on the pandemic. In fact . . . Amid the current recession . . . Even fewer people have cash to celebrate downtown and the offerings of the corporate welfare zone now seem kinda dated. The P&L District is a legacy of the early 2000s and might be antithetical to patrons amid the post-COVID era wherein hanging out with strangers has lost its appeal.

This is probably the most important KC report of the the morning . . . Check-it . . .

Over Power & Light's lifespan, through April 2022, Kansas City has picked up the tab on at least $167.1 million in total principal and interest payments, an average of $10.4 million a year, the Kansas City Business Journal determined through analysis of city financial reports.

Power & Light's debt service stems from $295 million in bonds the city issued in 2006 to help Baltimore-based The Cordish Cos. build the eight-block, $350 million project. But in all except one fiscal year — 2008, which covered Power & Light's opening — the cocktail of local and state sales, property and earnings tax revenues it pledged to pay the bonds off has fallen short.

Read more via www.TonysKansasCity.com link . . .

KC has paid more than $160M to cover Power & Light's debt. What's been its return? - Kansas City Business Journal

Fifteen years after the Kansas City Power & Light District's signs first flickered neon, the mixed-use entertainment district still hosts roaring crowds and brings unmistakable energy to a Downtown core once defined by neglect.