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» Cinematour Forum   » Cinemas in the News   » Kansas City, KS - Theater Gets Green Light at Speedway

   
Author Topic: Kansas City, KS - Theater Gets Green Light at Speedway
The Evil Sam Graham
Member

Posts: 85
From: Des Moines, IA
Registered: Jan 2004


 - posted January 26, 2004 09:31 PM      Profile for The Evil Sam Graham   Author's Homepage   Email The Evil Sam Graham         Edit/Delete Post 
SOURCE - Kansas City Business Journal

23-JAN-2004 - The Unified Government of Wyandotte County/Kansas City, Kan., landed the theater it has sought for the area near the Kansas Speedway.

The Unified Government announced Thursday that it will work with Phoenix Theatres LLC to build and operate a $14 million theater in the Legends Shopping Center at Village West. The 16-screen theater, with a seating capacity of 3,000, is set to open by May 2005.

According to a release, the theater will be built on land owned by Cabela's and leased back to the Unified Government. Sales Tax and Revenue (STAR) bonds will pay to build the theater.

STAR bonds are available to governments to pay for infrastructure that will enhance the local economy. The projects generate sales taxes, which are used to pay the bonds off.

Through this arrangement, the Unified Government will own the theater, and Phoenix Theatres will operate it in return for a management fee paid after all operating costs are covered. Additional profits will go to the Unified Government.

Phoenix Theatres is based in Knoxville, Tenn. According to the company's Web site, former Regal Cinemas Inc. executives Keith Thompson and Phil Zacheretti founded the 3-year-old company. It focuses on niche and underserved markets, with theaters in Virginia, South Carolina, Kentucky and Florida.

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Jason Stucky
New Member

Posts: 3
From: Mission, KS
Registered: Jan 2004


 - posted January 27, 2004 09:23 PM      Profile for Jason Stucky   Email Jason Stucky         Edit/Delete Post 
you know i want to build a theater and id like to know just how you get govt bonds and revenue and taxes to pay for something like that? any one know of any ideas? thanks jason. i also have a post in the theater rebulding and refurbinshing section check it out maybe you can help. you know originaly warren theater was going to occupy that spot which is a great theater out of wichita,ks which i love to bad they didnt get the deal. sure hope they come here anyway somewhere else.

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Jeff Arellano
Senior Member

Posts: 685
From: Monterey Park, CA
Registered: Jun 2003


 - posted January 27, 2004 09:38 PM      Profile for Jeff Arellano   Email Jeff Arellano         Edit/Delete Post 
Does Kansas City really need another multiplex?? Its already over built.

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