Remember when they said the Power and Light District would pay for itself? Some financial movers and shakers at City Hall gave us a quick update recently. The bond used to pay for Power and Light costs Kansas City about $20 million per year. And Power and Light brings in less than $6 million per year in tax revenues.
So now we know.
The math used to sell the project was Delusional.
The City wants to refinance by adding more years to the loan. If they can accomplish that, we would only be in the hole about $8 million a year instead of $14 million a year for the next 2 years. Of course, that would add $36 million to the debt for 2032-2033.
I ask you, who wants to turn $12 million of debt into $36 million of debt?
I’m not sure that this idea originated in the Delusional Plan Committee, but I am sure that they would approve of it.
That was a great idea until the airlines all but said they wouldn’t fly here anymore. How much did the plans cost to draw all that up? I don’t know, but it wasn’t free. And I suspect the Delusional Plan Committee was involved.
I would like to attend the next meeting of The Delusional Plan Committee. I understand they are very busy designing street car routes right now.