Committee approves amendment to extend Star Bonds sunset, debates expanding program to redevelop vacant malls and transparency reforms

At a committee hearing, senators considered changes to the Star Bonds Financing Act, including an extension of the program’s sunset date to July 1, 2030, an amendment to allow redevelopment of certain dilapidated mall sites using Star Bond incentives, and a separate substitute package of transparency and limit provisions. The committee approved the mall‑redevelopment amendment and voted to divide and further study a broader set of proposed transparency and eminent‑domain restrictions, postponing some action until a follow‑up meeting on Monday.

The amendment approved in committee would extend the current Star Bonds sunset to 07/01/2030 and add eligibility for redevelopment projects converting certain dilapidated mall facilities into Star Bond projects. Under the amendment’s terms described to the panel, an eligible mall project must have at least 50% of its leasable area unoccupied and a minimum combined capital investment of $10,000,000; projects must also “demonstrate a substantial contribution to regional economic growth, tourism, and job creation,” consistent with the Star Bonds program’s economic‑development and tourism…