Projects That Kansas City Taxpayers Are Still Paying Off
There's been a lively debate surrounding the proposed downtown convention hotel in Kansas City.
The $311 million development would cost the city $35 million to land, according to city documents. The project would receive some tax breaks from the city, which also will provide some tax revenue to help finance the project.
As the discussion continues about how much the hotel will cost taxpayers and how much real revenue it's expected to attract to the area, we looked back at some some other development projects to see how much the city still owes.
Here's the financial status of each project, as of April 30, 2014:
1. Kansas City Power & Light District
- Total outstanding debt owed by the city: $279.9 million
- Anticipated payoff date: 2039
- Finance method: City bonds, tax abatement, including tax-increment financing and Transportation Development District tax revenue
2. Kemper Arena
- Total outstanding debt owed by the city: $2.2 million
- Anticipated payoff date: 2016
- Finance method: Hotel and motel/restaurant tax and municipal revenue
3. Bartle Hall Expansion (Kansas City Convention Center)
- Total outstanding debt: $226.9 million
- Anticipated payoff date: 2034
- Finance method: Hotel and motel/restaurant tax, matching funds from the state of Missouri and municipal revenue
4. Sprint Center
- Total outstanding debt: $202.9 million
- Anticipated payoff date: 2040
- Finance method: Car rental and hotel fees, municipal revenue