American Royal Stays Losing Progress On 155 MILLION BUCKS Worth Of Star Bonds

First thing . . . And there are a lot of people who disagree with TKC about this one . . .

KANSAS CITY WAS LUCKY TO DUMP THIS "TRADITION" THAT WILL STRUGGLE TO EARN BACK EPIC TAX SUBSIDY!!!

Credit where it's due . . .

Former Mayor Sly was brave enough to tell the Kemper clan to hit the bricks and follow the yellow brick road to Kansas when they demanded MILLIONS worth of cash to finance this project. 

And now . . .

Before it's all said and done and factoring inflation . . . Sunflower State taxpayers could sink close to a quarter of a BILLION dollars into an "attraction" that only appeals to people who like smelling cow manure all weekend whilst, for better or worse, the NextGen would much rather play video games.

Here's a quick passage that we liberated from behind the paywall . . .

"The agriculture and food nonprofit will have to renegotiate a development agreement before it can access crucial sales tax revenue (STAR) bonds supporting more than 40% of the project cost. And although the Unified Government of Wyandotte County/Kansas City, Kansas, on Thursday continued to express support for industrial revenue bonds backing the new headquarters, several remaining and necessary approvals no longer have a definitive timeline.

"If the UG and American Royal can't resolve the issues rapidly enough, it could delay construction.
In total, the American Royal seeks $155 million in STAR bonds. On Jan. 13, the UG's Economic Development and Finance Committee reviewed a revised STAR bond project plan and an amended development agreement.
 
"The committee opted against advancing the agreement, citing concerns about a possible property tax exemption for facilities on the campus and about the use of tax increment financing revenue from the Plaza at the Speedway district . . . "

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

KC Biz Journal: American Royal development agreement hits a snag with the UG