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Star Bond district heading toward early payoff; city seeks Commerce approval to continue district investment
Summary
City Manager Mark Westhoff reported the local Star Bond district is on track to pay off in September, 13 years early. City staff will request that the Kansas Department of Commerce supplement the district to continue investment; Westhoff also noted the Amelia Earhart Hangar Museum drew 54,000 visitors in two years, exceeding original projections.
City Manager Mark Westhoff told the commission that the city's Star Bond district is set to pay off in September, about 13 years earlier than scheduled, and that the city is submitting a request to the Kansas Department of Commerce to supplement the district instead of letting it expire.
Westhoff credited the district's business performance — including a Taco Bell, a Holiday Inn and the Amelia Earhart Hangar Museum — for the early payoff. He said the museum has had 54,000 visitors in two years, compared with Commerce's original projection of about 11,000 visitors per year.
Nut graf: An early payoff of the Star Bond district will end the current financing structure in September unless Commerce approves a request to extend or supplement the district; the city is pursuing that option to continue investment and economic development activities.
Westhoff said the city will submit supplemental paperwork to Commerce to try to continue investment in the district. No formal decision or vote on changes to the Star Bond structure occurred at the meeting; the item was an informational update to the commission.
Ending: Staff will pursue the Commerce request and report back to the commission on the agency's response and any implications for the city budget and development plans.
