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City council results:
NO, but fix the plan and come back.
From the article:
Among the problems: The proposal does not include a guaranteed revenue stream to
pay for $64.3 million in bonds developers want the city to issue; public
participation would exceed the 50 percent limit the city had asked for; and
there was no dedicated revenue source to pay for the city police and fire
protection to serve the development.
Also from the article:
But Tim McKee, executive vice president of economic development for the Olathe
Chamber of Commerce, said it appears chances were growing slim that the project
would come to Olathe.
Article:
http://www.kansascity.com/mld/kansascity/15283340.htm
From local talk radio:
RED Development the company which is developing the "O-Zone" complex including
Legoland says the deal is not dead and they are planning to return with a
modified financing package.
Also, the Olathe mayor says he is excited about the possibility, but they city
will not pay that amount without the guarantees.
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In lugnet.loc.us.ks, Gerhard R. Istok wrote:
> My whole take on this is that it is NOT Lego driven, but developer driven. If
> it goes thru, then the taxpayers of Kansas will be paying for this.
I agree with you, but as long as Legoland is not owned by Lego, it is an
amusement park like any other, and developers are going to use it as the draw
for retail, hotels, other tourism, etc. and since it will increace the tax base
enormously, the developers will expect taxpayers to pick up the tab.This should
not come as a surprise, since any Legoland not located in one of the major USA
metropolis (something that would cost exponentially more than the KS deal) is
going to have to come as a package deal with the above mentioned types of
entities to make it a success.
I applaud Legoland parks for using creative financing to bring parks where the
might not otherwise be located.
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My whole take on this is that it is NOT Lego driven, but developer driven. If
it goes thru, then the taxpayers of Kansas will be paying for this. But if it
fails in the end, it could affect the reputation of Lego... the product.
I am leary about this.
Just my opinion.
Gary Istok
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Legoland KC is supposed to be presented to the Olathe City council tonight. It
looks good except the current plan has tax payers paying 2/3 the cost. I don't
think people will be real excited about putting up this amount.
This has been discussed on local talk radio today ad nauseum. And their general
consensus is against the government financing.
From the article:
Two-thirds of the estimated cost of the proposed project would come from state
and city tax incentives and direct subsidies from Olathe. The breakdown of the
public financing:
•tax-increment financing bonds, $5.9 million.
•transportation development district bonds, $47 million.
•city-issued bonds, $64.3 million.
•STAR bonds, $556 million.
The article in Kansas City Star:
http://www.kansascity.com/mld/kansascity/business/15275009.htm
The Olathe mayor has released a statement that the city will not put up any
money.
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Any AFOLs in the Kansas City area, we have a chance to display at this year's
Greater Kansas City Model Railroad Expo at Union Station on Septmber 23rd and
24th. Set up is Friday the 22nd. I have reserved a layout area of 12 ft by 20.
Currently I only have one other participant, but if anyone is in interested we
have room on our layout. Our layout consists of 3 loops, one which will support
8 wide trains.
Please let me know as soon as possible if you are interrested in joining us or
have any questions.
Layout:
http://www.brickshelf.com/gallery/missourilego/Layouts/GKCMRE/union_station_-_sept_24.gif
Thanks,
Matthew Rausch
-Remove .diespamdie. to email
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