I'm a bit amazed people have so quickly forgotten about the entire P&L local tax debate, considering how much it actually applies to the current situation. I certainly remember all the promises by the investors about how P&L renovation was going to revitalize the area, and pour all this money back into the community and pay for itself in no time.
In reality...
Quote:
During Power & Light’s lifespan, through April 2022, Kansas City has picked up the tab on at least $167.1 million in total principal and interest payments, an average of $10.4 million a year, the Kansas City Business Journal determined through analysis of city financial reports.
Power & Light’s debt service stems from $295 million in bonds the city issued in 2006 to help Baltimore-based The Cordish Cos. build the eight-block, $350 million project. But in all except one fiscal year — 2008, which covered Power & Light’s opening — the cocktail of local and state sales, property and earnings tax revenues it pledged to pay off the bonds has fallen short.
https://fox4kc.com/business/kansas-c...r-lights-debt/
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But I'm sure this time it will be totally different...