This afternoon with a great many caveats and not so insignificant slight change in the location . . . The Kansas City Land Clearance for Redevelopment Authority approved a lease purchase agreement with the development partnership, KC Hotel Developers LLC.
Take a look:
KC Biz Journal: Convention hotel loses height but clears hurdles
Money line . . .
"Mike Burke, a local attorney on the development team, said he is confident that City Manager Troy Schulte can get that issue worked out in time for the developers to close on all the financing pieces by late March or early April.
"The simultaneous closings will include the real estate transactions, a construction loan and the sale of bonds.
"Rattner said a lender has not yet been selected for what will be a $110 million construction loan."
Translation . . . THIS PLAN NEEDS MORE CITY HALL MONEY and they still don't have much private cash as a City Council deadline looms tomorrow but this "news" offers a tiny bit of progress that might prove effective in generating more hype about a controversial project that many local denizens oppose.
Developing . . .
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