You’ve likely heard the recent news that the Power and Light District downtown is not paying for itself. That is, the tax revenues from the district–sales, earnings, property–all go toward paying off the city’s bonds that financed the district. When the plan was being presented to the public, it was “sold” as a self-sustaining project.
Now, the estimate is that money from the city’s general revenues that would normally help fund other projects will be diverted for bond payments. It’s estimated the amount will range from 10-15 million annually for the next 20-plus years. (Could go higher! Or lower.)
Mayor Mark Funkhouser warned of this before he ran for mayor when he was Kansas City Auditor. Now, as mayor, he must have mixed emotions. On the one hand, he can point to his prescience. On the other, he knows that yet another portion of next year’s budget is removed from use on projects he proposes and promotes.
When the mayor joined Scott and me last Monday, I reminded him that most, maybe all, local pundits, are saying he can’t win a second term. Funkhouser‘s retort: “Those who claim I can’t win re-election are the same folks who said the P&L District would make money.”