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Commission approves development agreement for Sports of the World Star Bond phase 2
Summary
The Garden City Commission approved Resolution 3204-2025 to authorize execution of a development agreement for phase 2 of the Sports of the World Star Bond project and to begin steps toward issuing special-obligation star bonds subject to Kansas Department of Commerce approval.
The Garden City Commission on June 17 approved a resolution authorizing the city to execute a development agreement with the project developer for phase 2 of the Sports of the World Star Bond project and to pursue placement of special-obligation star bonds, city staff said.
City development planner Daniel (staff) told the commission the agreement updates timelines and scope for phase 2, extends the developer’s designation as master developer from five to 20 years for property owned by the developer, and removes an earlier city purchase provision tied to a certificate of occupancy. “This resolution would allow for the execution of the development agreement as substantially completed and would also allow the city manager to engage with a financial professional to sell the star bonds,” Daniel said.
The resolution (No. 3204-2025) does not itself issue bonds; Mary Carson, the city’s bond counsel, told commissioners the amended project plan and the bonds’ not-to-exceed amount will require final approval from the Kansas Department of Commerce. Carson said staff has submitted a request to Commerce for a final approval letter acknowledging the amended project plan and the not-to-exceed amount. “In that final letter, they are acknowledging the amended project plan,” Carson said.
Carson and staff described next steps: hire a placement agent or underwriter to analyze whether to place the bonds privately or pursue a public sale, produce bond documents, and seek final commission approval before issuing. She estimated the process could take “three or four months if everything goes smoothly — this summer, early fall,” though she cautioned timelines depend on market conditions and Commerce’s response.
Commissioners voted in favor of the resolution by voice vote; the motion passed.
Because star bonds are special-obligation financing tied to a project plan, issuance will return to the commission after the state’s Commerce department identifies an approved not-to-exceed amount and staff completes placement analysis and bond-document drafting.
