The Downtown KC convention hotel has moved one critical steps closer to reality.
The City Council approved an ordinance last week that convention hotel planners say is the last legislative approval needed to aim for a groundbreaking by early October, according to The Kansas City Star on June 8. Council members voted 11-2 to pass the measure that includes an accelerated effective date to proceed on what has been presented as a $310 million hotel.
According to The Star, the proposed 800-room tower — for the area bounded by Truman Road on the north, Baltimore Avenue on the east, 16th Street on the south, and Wyandotte Avenue on the west — was publicly announced in May 2015 but had been discussed since 1999.
The ordinance sets the size of a Community Improvement District according to those boundaries, approves the zoning and development plan for the site, and permits an elevated walkway across Wyandotte.
Councilwomen Heather Hall and Teresa Loar voted no on the grounds they hadn’t seen enough financial information about the project and didn’t want to risk taxpayer funds.
The project, backed by the mayor, City Manager Troy Schulte, most of the council, and a development team headed by attorney Michael Burke, was delayed partly by a petition drive and lawsuit filed by group opposed to financial participation by the city.
Burke said investors are lined up and that JE Dunn, general contractor for the hotel, has delivered a preliminary guaranteed maximum price, a figure necessary to take bond sales to market.
The development team said bond counsel will be ready within a few weeks to sell more than $100 million in bonds to help finance the project.
To read the complete story, visit KansasCity.com.