SHENANIGANS!!! TKC TOLD YOU SO!!! AFTER QUESTIONS FROM OUR BLOG COMMUNITY KANSAS CITY CONVENTION HOTEL REPORTS CITE 'UNDISCLOSED' DEVELOPER LOAN!!!
A Kansas City hotel deal worth more than a quarter of a BILLION dollars threatens to move forward without City Council asking developers to disclose the deets of their financial plans despite taxpayer backing and overwhelming subsidy of the entire project.
More to the point . . .
READ THE FINE PRINT!!!
THANKS TO TKC QUESTIONS: REPORTS ABOUT CONVENTION HOTEL NOW REVEAL THAT DEVELOPER FUNDING FOR THIS EPIC DEAL IS UNDISCLOSED!!!
Recently, this tweet and "news" story was put on blast with very few deets . . .
So, we ask a simple question. Natch: Headline says "they have loan" ... Is that from @KCMO or somebody else??? No backer mentioned except City Hall . . .
Moments later this tidbit was added that puts the whole scheme in a better perspective . . .
"According to KC Hotel Developers LLC and City Manager Troy Schulte, during a meeting Monday the developers showed Schulte a term sheet for a $110 million construction loan from an undisclosed lender. A term sheet spells out the conditions upon which a bank will extend credit."
UNDISCLOSED!!! KANSAS CITY IS FUNDING A MULTI-MILLION DOLLAR PROJECT TO DESTROY THE DOWNTOWN SKYLINE AND DEVELOPERS REFUSE TO REVEAL THEIR FUNDING SOURCE!!!
Final thought here since it's clear that everybody involved in this story is far to compromised to ask tough questions . . .
Moreover, we like Mike Burke and think his work overall benefits KCMO BUT . . .
OUR TKC BLOG COMMUNITY DEMANDS THAT MIKE BURKE AND COMPANY DISCLOSE THEIR LOAN THAT'S BEING BACKED UP BY KANSAS CITY TAXPAYERS!!! AT THE VERY LEAST COUNCIL NEEDS TO ASK QUESTIONS ABOUT A DEAL THAT SEEMS SKETCHY!!!
Sadly, mainstream media in Kansas City is playing nice around Christmas time and refuses to ask tough questions or hold politicos accountable for the massive amounts of debt they're running up without even the least bit of info shared with the public.
Developing . . .
Hey, it's Christmastime. Everybody is running up mountains of debt that they'll never pay off. Why should KC be any different?
ReplyDeleteMore importantly, TKC, tell us why we should give Mike the benefit of the doubt here.
DeleteMike is great but he's obviously in over his head here, if the funding was solid they'd be shouting it from the rooftops and not keeping it secret.
DeleteThis is how Kansas City went bankrupt.
ReplyDeleteUndisclosed lender. Maybe Saudi Arabia?
ReplyDeleteProbably PortKC
ReplyDeleteThe odor from this deal is starting to grow.
ReplyDeleteIs Trump behind this hotel too?
ReplyDelete9:27am probably hit the nail on the head.
ReplyDeletePort KC, Burke's old stomping ground where he did very well financially for years.
But where does Port KC's money come from?
What are the terms of the "loan"?
Why isn't there ANY serious private investment in this "deal"?
It's amazing how little regard Sly and the gang have for the best interests and well-being of the city and its residents.
More public debt loaded on top of the massive amounts already there.
Port KC gets their money off of Casino rental fees to the city, as transparent as Missouri river mud
ReplyDeleteI call bullshit on this one. Typical KC under Sly. I'm tired of my money being spent by these idiots.
ReplyDeleteWhen the government says it's a secret or hush hush, you know right then it's probably a scam of some sort that will cost the taxpayer in the end.
ReplyDeleteMike Burke would look good orange jump suit
ReplyDeletePort KC? yeah we are a big Port town, kind of like Joe Rockhead's volunteer fire department in Bedrock.
ReplyDeleteDamn shame that KC us getting fleeced when it's still damn cold outside.
ReplyDeleteFOLLOW THE MONEY !!!
ReplyDeleteCorrection: FOLLOW THE TERM SHEET e.g. conditions, caveats, exceptions, carve-outs, contingencies, stipulations, conditions, pre-conditions, provisions, prerequisites and general sweet pungent smell of fresh SchulteSHIT.
ReplyDeleteTerm sheets? If you're gathering up and reviewing documents I want to see Steve Vockrodt and Rob Roberts college diplomas. Have they REALLY been to Journalism School? Did they graduate? Did they successfully take these courses?
ReplyDeleteJournalism 101 - The Role Of The Fourth Estate.
Journalism 102 - How to ask probing questions.
Journalism 103 - How not to sit on your thumb when you interview.
Get with the program, boys. Your readers await the real facts!!!
The hotel deal is a bust, it should be voted down. No outside investors, no dice.
ReplyDeleteDon't call processes you don't understand "shenanigans," Tony.
ReplyDeleteIt's pretty obvious you have your head up your ass on this one like usual.
Graft isn't a process, it's just giveaways using other people's money.
DeleteFOLLOW THE MONEY !!!
ReplyDeleteRemember the P&L District, this was done all behind close doors and in secret. How has that turned out?
ReplyDeleteWell, we know that at 12:55 PM Burke or Schulte checked TKC
ReplyDelete
ReplyDelete6 year old Tony Botello "Told you so"
^^^ that is a compliment. Most people put his mental age at around 4 & 1/2, maybe 5.
ReplyDeleteStill doesn't change the facts of this shitty deal.
FOLLOW THE MONEY !!!
ReplyDeleteUndisclosed: narco trafficante
ReplyDeleteThey finally paid off the right politician
ReplyDeletebased on what's not really known, isn't it possible they have a real, private sector lender?
ReplyDeletethere are huge piles of money chasing yields, and the trophy aspect of the proposed hotel might be enough in itself to attract lenders.
and, if that were the case, that is, that private money would be at risk, why not wish them well and let 'er rip?
Then disclose the lender. If piles of money are available why were the catering profits, TIF, SuperTIF and property tax abatement's all required to make the deal work? Who called this a trophy hotel? Sounds like someone from the development team is trying to re-frame things. Its not just private money at risk. Its a majority of public money at risk...cash contributed by the taxpayers and all the tax monies redirected from schools, roads, libraries. If it makes so much financial sense, why isn't Hyatt building it out of their own pocket?
ReplyDeleteDunn-Dunn-Dunn-Dunn-de-Dunn dunn- de- Dunn-Dunn...
ReplyDeleteRead the fine print...they have to pledge "City Hall" to make this deal work!!
ReplyDeleteWait till we get to go to the polls to vote down th $800 Million Slush Fund!!!!