[Chris Meck]

Originally Posted by Fish

The economic reality of the Power & Light district:

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.

[...]

In 2004, the City Council in 2004 approved Power & Light's development terms after reviewing a report from C.H. Johnson Consulting, which concluded that the district would more than cover its debt service using $619 million in new taxes over a 25-year period. To date, revenues available from the district for bond payments have totaled $104 million.

https://www.bizjournals.com/kansasci....html?ana=wdaf

Cordish is Lucy, and KC is Charlie Brown.