Maitre D wrote:
Not only that, but let's look at the facts so far: KCK authorized (didn't issue - they authorized) the $212 in STAR bonds that Grid referenced, which of course aren't "subsidized" but must be repaid from TIF dollars. The other $200M is direct private investment. According to this article in the BizJournal, as best I can tell the STAR bonds haven't even been issued and that the project has so far lived off $108M borrowed privately:
Final plans for the anchor retail tenant, a 216,000-square-foot Scheels All Sports store, were approved Jan. 12, but no other retailers have been signed.
The retail matters because the developers can issue $225 million in STAR bonds, which diverts a project’s sales tax revenue to eligible development costs. But Wyandotte County Manager Dennis Hays said that selling the bonds is not feasible now anyway.
Hays said the project is proceeding with financing, including a $175 million first mortgage loan from Kansas City-based Entertainment Properties Trust. Rick Warner of Oppenheimer & Co. Inc., who has been involved in financing for the project, said $108 million of the $175 million already had been spent.
http://kansascity.bizjournals.com/kansa ... 0financing
Holy Shit! Somebody call a priest...we need an exorcism performed on the board! Maitre!! WTF...that post ^ Just knocked my socks off. That is THE first time, EVER that I have seen you actually spend more than 20 brain cells creating a post with any thought, let alone a few facts & a link to back it up! Congrats man, keep it up!
March 12th, 2008 should forever & always be known as the day Maitre popped his informative post Cherry. Happy trails buddy!