Sales Tax and Revenue Bonds, or STAR bonds, are an economic development tool that allows Kansas municipalities to issue bonds to finance the development of major commercial, entertainment, and tourism projects. STAR bonds allow the City to use the sales tax revenue generated by the development to pay off the bonds. One of the most notable projects developed by STAR bonds is the Kansas Speedway.
Will the use of STAR bonds raise my property taxes?
The use of STAR bonds will not increase property taxes in Eudora. STAR bonds will allow the City to use the sales tax revenue from the development to pay off the bonds. The new stream of revenue from the development will help keep property taxes stable.
Why is this project being developed at the same time as Nottingham Center?
This project will capture different revenue than Nottingham Center. While Nottingham Center is more focused on retail development, this project is centered around the development of the entertainment arena. Additionally, while Nottingham Center will also generate sales tax, this project will continue to diversify the City's revenue streams in order to help property taxes remain stable. The two projects are not competing against each other, but rather will support one another as they both progress.
Why is this project being done now?
While this project comes at an opportune time with the development of the Panasonic development, this project has now been in development for several years. This project was created to address the community's desire for the City to manage its growth and development.
When will the critical infrastructure improvements be made?
As critical infrastructure improvements are much needed, they will be made regardless of the economic development project. The construction of this critical infrastructure is a top priority for the City.