Kansas City Hotel Subsidy Double Take: Developers Demand More Tax Breaks Because Of Downtown Lodging Glut
Check this important update on a double-edged sword that cuts Kansas City taxpayers both ways . . .
Money line:
"Developers think that the area is overdeveloped, so taxpayers need to protect them from the risk of low revenue due to market saturation."
Read more:
Money line:
"Developers think that the area is overdeveloped, so taxpayers need to protect them from the risk of low revenue due to market saturation."
Read more:
Too Many Hotels in KC, According to Hotel Developer Seeking Subsidies
In a blog post earlier this year I wondered about Kansas City, "If previous subsidies successfully created a vibrant economic center, then why are they still needed?" The recent news that Drury Hotels is withdrawing its application for tax-increment financing (TIF) makes this question relevant again.
"Developers think that the area is overdeveloped, so taxpayers need to protect them from the risk of low revenue due to market saturation."
ReplyDeleteThe taxpayers do not need to protect the developers from anything.
Only thing taxpayers need to do is to keep the developers from grabbing more tax money.
So the solution is to build another taxpayer funded hotel?
ReplyDeleteI stated this several years ago. Some Hotels will not make it .
ReplyDeleteI used to love riding my big wheel through the hallways of hotels when I was a kid.
ReplyDeleteAnd this is why our city is broken. And why every year there is a new tax hike for something. And why this city struggles to deliver basic services.
ReplyDeleteSo to restate, developers want TIF and other incentives because they feel there are too many hotels in the immediate area of downtown and that would present too much of a financial risk to them financially. So their solution is to get a bunch of tax payer funded incentives to alleviate their risk.
Un-Fucking-Real. The balls on these developers. They need my money so that they can save theirs?
#KorruptCity
bubble?
ReplyDeleteI would like to note that Drury does offer a laid-out breakfast for no extra charge.
ReplyDelete-radish
Ummmm. We have a glut of subsidized hotel space, and the solution is... more subsidies? You just can't make this shit up.
ReplyDelete"Build it and They will Come"
ReplyDeleteWelcome to the 5th most messed up city in the country.
ReplyDeleteDing Ding, all aboard!
the bubble in hotels is spooky, imho.
ReplyDeleteLooks like great hud condominiums.
ReplyDeleteErry body knows ya gotsta spend money to make money!
ReplyDeleteWithout these subsidized hotels we will never make it to 26 million visitors annually!
ReplyDelete