KANSAS CITY, Mo. (AP) - A proposed Kansas City hotel has cleared a hurdle with city officials approving plans in helping finance the $302 million project.
Mayor Sly James said Thursday’s unanimous vote is a big stepping stone in keeping the Hyatt convention hotel project moving forward, The Kansas City Star (https://bit.ly/1KoSPu1 ) reported. He hopes the hotel eventually can help draw in an NFL draft, future All Star games and other major events.
The proposal is next scheduled to be reviewed by the city’s Tax Increment Finance commission on June 30. It would involve investments from both the city and private investors.
The city owns three-fourths of the land for the site and said financing the development doesn’t add to its debt and doesn’t take away resources that otherwise would go for police, fire and other services.
Developers are in the middle of discussions with the American Hereford Associations, which occupies the only building on the site, to tear it down to clear space for the hotel. They hope to begin construction in 2016 and open the hotel in 2018.
James said he wants the current council to approve the hotel before many members leave office in August. Developers add that the project needs approval as quickly as possible to lock in optimal interest rates and construction pricing.
Not everyone is supportive of the hotel, including local catering businesses. Hyatt is set to receive exclusive rights for catering events for 15 years in the Bartle Hall Grand Ballroom under the development proposal. The eight catering companies have access to that ballroom business and would lose that opportunity whenever the hotel opens.
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Information from: The Kansas City Star, https://www.kcstar.com
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