KANSAS CITY, Mo. (AP) — Developers of a proposed Kansas City convention hotel say delaying a public vote could jeopardize the $311 million project.
The Kansas City Star reports developers told the Kansas City Council Thursday they were ready to seek financing to finalize the hotel bond financing until a Kansas City petition initiative drive stalled that effort.
Steven Rattner is a New York finance expert who’s worked on the $311 million, 800-room Hyatt hotel deal. He says if developers have to wait six to eight months or longer for a public vote on the petitions, financing could unravel.
The city attorney says the petitions are flawed, and the council shouldn’t put them on the ballot next year. The council is weighing that legal advice against a desire to be responsive to voters.
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