Authorities have made the last payment on state-backed bonds used to develop the Village West shopping district in Wyandotte County.
The Topeka Capital-Journal reports (http://j.mp/2gtNWqk) that the last payment was made earlier this month, five years ahead of schedule. The STAR bond program provides cash for entertainment or tourist developments repaid with local and state sales tax revenue generated by the projects.
Retirement of STAR bonds for the Village West development in Wyandotte County is expected to free $12 million in sales tax revenue annually for use by the Unified Government of Wyandotte County-Kansas City.
State lawmakers have questioned reliance on STAR bonds to promote economic development as lawmakers search for revenue to fill shortfalls in general state tax revenue.
Information from: The Topeka (Kan.) Capital-Journal, http://www.cjonline.com.