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Garden City approves STARBOND financing steps and conditional excavation permit for Sports of the World Phase 2
Summary
The City Commission approved a resolution authorizing steps toward selling special-obligation STARBONDs for the Sports of the World Phase 2 project and authorized staff to issue an excavation permit once required permits and a draft memorandum of understanding are in place.
The Garden City Commission on Aug. 5 approved a resolution authorizing the city to proceed with issuance steps for sales-tax-backed special obligation (STARBOND) revenue bonds to help finance Sports of the World Phase 2 and separately authorized staff to issue an excavation permit for the project once required permits, plans and a draft memorandum of understanding (MOU) are agreed.
The action follows a sequence of earlier approvals: a Oct. 1, 2024, resolution declaring intent to issue STARBONDs; an ordinance in February 2025 expanding the STARBOND district; and a June 2025 ordinance approving a project-plan amendment. The lieutenant governor and secretary of commerce provided a determination letter allowing up to $45,126,189 in STARBOND financing; the new resolution authorized moving forward with a private placement or limited offering of special obligation bonds in an aggregate principal amount not to exceed $52,500,000, with a true interest cost cap of 7% and subject to receipt of the secretary of commerce’s final approval.
“On 10/01/2024, the city commission approved resolution number 3130Dash2024, declaring official intent to issue star bonds for Sports of the World phase 2,” Staff member Danielle said during the presentation, summarizing prior approvals and the state determination letter. Danielle told the commission Cruz and Associates would be engaged as placement agent or underwriter to advise on market conditions and help finalize a private placement or limited offering rather than a traditional public offering.
Commissioners also considered site-preparation work. City staff presented a draft MOU that would set conditions for beginning site work and said most required items had been submitted to the city. “The drafted MOU outlines that the developer may apply for an excavation permit after the following has been completed: received a notice of intent from the state, received a storm water pollution prevention plan permit from the state, completed a drainage plan with the city, completed a grading plan with the city, and has submitted an application to rezone the property,” Danielle said. The commission voted to authorize staff to issue the excavation permit once those necessary permits, plans and draft MOU language are agreed upon.
The resolution approved Aug. 5 authorizes the mayor to execute a purchase agreement for the bonds within the stated parameters and directs city staff, finance officials and bond counsel to complete steps needed for a private placement or limited offering. An ordinance authorizing the STARBONDs and related documents is anticipated on the Sept. 2 commission agenda.
No explicit vote tally by name was recorded in the meeting transcript; the mayor called for approval and the item passed. The commission’s action does not pledge the city’s full faith and credit; the STARBONDs are repayable only from sales tax revenues generated inside the STARBOND district and described in the STARBOND Act and state determinations.
The developer and city staff told commissioners they expect to finalize outstanding drainage and grading items and the MOU imminently and that the MOU will come back to the commission for formal approval on Aug. 19.
