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 THE CONVENTION HOTEL NOW REVEAL THAT DEVELOPER FUNDING IS "UNDISCLOSED" AND SKETCHY AT BEST!!!
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 question . . .
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 EXCEPTIONALLY SKETCHY AT THIS POINT!!!
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 . . .
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