Here we go again with a downtown developer gravy train...
The KC-MO city council- led by councilman Ed Ford- wants a new 1000 room hotel downtown for out-of-towners.
The council seems willing to give out generous tax increment (excrement) financing or other taxpayer-backed subsidies to entice a builder for the hotel- which would primarily be destined for "convention" business.
Here again is an example of just what Kansas City DOESN'T need.
"Without a new hotel- we can't attract conventions." Well sir/ma'am- clue-in the the 21st Century when virtually EVERY corporation is downsizing and- with video conferencing becoming more attractive- most corporations are also downsizing or eliminating conventions.
"A new hotel will attract jobs." Generally low-paying service jobs. Just what a family needs to survive - - - NOT.
Note this comment posted after the story in the K.C. BUSINESS JOURNAL:
Dan McCoy May 22, 2009 7:35AM EST
Caveat Emptor Kansas City.
I see no mention of the St. Louis Convention Center hotel in the report, which would seem like an apt comparison.
It would be wise to evaulate the circumstances of that development in an effort to avoid similar pitfalls.
St. Louis was told that they needed a 1000-room convetntion center hotel in order to re-capture lost convention business.
The hotel was eventually constructed over the a year late and 25% over budget.
The additional convention business never materialized, the hotel has never hit its projected performance, and the massive hotel has dragged down the entire downtown market with it.
In Febraury the hotel went into recievership and it is now owned by it's bondholders.
'Nuff said for me....
____________
No comments:
Post a Comment