TKC BREAKING NEWS!!! KICK-ASS TKC TIPSTERS EXPLAIN HOW MUCH K-PAC REALLY COSTS KANSAS CITY TAXPAYERS!!!
Amid all of the hoopla and celebration regarding The Kaffman Center for the Performing Arts there has been very little mention of the cost to Kansas City Taxpayers.
Strange, because there really isn't that much demand for upscale entertainment and a big barn that played Country Music would have been far more viable in this cowtown.
To wit . . .
KICK-ASS TKC TIPSTERS BREAK DOWN THE REAL COST OF K-PAC PAID FOR BY KANSAS CITY PROPER!!!
Here's the damage . . .
"Kansas City sold $47 million capital appreciation bonds for the 1,000 car parking garage for the Performing Arts Center that would be paid back over 20 years from casino revenues earmarked to pay for city streetlight improvements. The streetlight bonds are to paid off in about seven years. Capital appreciation bonds are a fancy term for a balloon mortgage. The City will be only be paying a minimal amount($90,000 to $100,000) for the first 10 years then the payment balloons to $9 million in the 11th year. Capital appreciation bonds total cost would be $91 million. The regular 20 year bonds would cost $80 million.
The previous city council took a shortcut instead of asking for a new source of revenue(tax) or using the 1% cid sales tax revenue. They just took the revenue source for public improvements to maintain the city for just one project."
Never doubt that this VITAL AND KICK-ASS TKC TIPSTER information on the money is from somebody who knows about this stuff to a much greater extent than this broke-ass blogger struggling to buy breakfast sandwiches at QT.
Still . . . The REAL PRICE of this Downtown monstrosity has been heretofore neglected by the media given that it doesn't make such a pretty picture and demonstrates Kansas City throwing good money after bad in the ongoing attempt to lure people downtown at the cost of every other neighborhood.
DEVELOPING . . .
If it gets you out of this city and into kck, count me in for a 10 spot.
ReplyDeleteAnd why would they not refinance that debt now to take advantage of historically low interest rates?
ReplyDeletemaybe our shitty debt rating. And the us debt would make it even harder.
ReplyDeletegreat tipster work tkc.
Don't forget the value of the clean up work that had to be performed by volunteers. Normally, this would have been the responsibility of the contractor. What's up with that? Why was the contractor let off the hook on this one? Oh wait, it was JE Dunn. My bad.
ReplyDelete"A big barn that played Country Music...". Awesome(and sadly true)...
ReplyDelete10 years, just about long enough for it to turn into a shithole and be worth less than the first ballon payment.
ReplyDeleteStay winning, KC.
$47 mill. That's $47,000 per parking space. Wot a bargain!
Stay whining, tkc.
ReplyDeleteDon't worry; you'll get your wish and it will eventually fail. Anything within 30 miles of the tribal lands is doomed to be a crime-ridden shithole.
Smells as bad as the MAST screw up.
ReplyDeleteYour gully tipster has it kinda backwards and sideways but I'm not going to bother to explain why since you (and Mr. Gully Tipster) can't even prove what you say.
ReplyDeleteWhere are the facts, Slanderella?
9/14/11 10:21 AM Lame Post.
ReplyDeleteJust another case of kicking the can down the road. Eventually it does catch up to them and when it does it won't be pretty.
ReplyDelete"Downtown monstrosity"?
ReplyDeleteapparently you haven't been down to see the KPAC. You should have at least seen pictures of it, however, since you watch Eric Bowers blog. If you call this beautiful building a "monstrosity", I can't imagine what you'd call a beautiful building.
the fact is, most of the money that built this thing was private, of course, as you know.
and then there's the "throwing good money after bad" comment? Wha? Besides just being a cliche', to what is that referring? How is any money that was used for this "throwing good money after bad"? It really doesn't apply, does it?
I know you're going to be down there, Sunday, walking around all "gully"--whatever the fuck that is--maybe taking pictures (with your phone) and being impressed. then, later that same day, you'll post bitchy, complaining, whining statements about the white people attending and how wrong the place is.
we can hardly wait.
oh, and Ann Slanders, above, at 10:21 is right, too, of course.
That's like saying the cost of a $300,000 house is really $700,000 over the term of a 30 year mortgage. Virtually no payments for the first 10 years, sounds like a bargain to me, and the building is fantastic and will get this City some much needed positive publicity. Thank you Kauffman Foundation for contributing over $350 Million in private money Downtown.
ReplyDeleteDoes anyone know if this is another business built for AEG?
ReplyDeleteGod! I sure hope the dipsticks in the Jackson County Legislature have managed to stay clear of this deal. I mean i do realize that most Kansas Citiens no longer live in KC proper, but we are learning that living outside the city is no escape from mass stupidity, pet projects, and waste.
BTW: Did anyone mention to the city fathers that there is a depression going on or is this part of that budget cutting that is being taken seriously at city hall?
be happy KC, you've got another new, empty building.
ReplyDeleteJE Dunn was not the contractor for the parking. If they were, it would have been done on time.
ReplyDelete12:30 Empty? It doesn't open until this weekend, doofus.
ReplyDelete8:48 was spot on even if Dunn wasn't the GC.
ReplyDeleteDunn doesn't GC much anymore. They Construction Manage. Which is to say they hire another GC to fuck over the subs and cheat on MBE contracts and prevailing wages. Then lawyer up when they get caught fucking over a Hispanic electrician.
You're welcome.
lol when I get money I'll build a pac somewhere in joco or kck that's just as nice for a tenth the price. the kauffmans are stupid for building it in kcmo even if it is private money. another empty place (well not right away but give it a few years...) such as kemper, p&l, sprint center.
ReplyDelete