STAR bond bill awaits Quinn

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awaits the governor’s signature. Salesd Tax and Revenue, or STAR would help pay for certain development and infrastructure cost associatedwith large-scale projects, under the bill sent to Gov. Pat Quinn’ds desk. STAR bonds are repaid from sales and guestr taxes generated by a project in a specific President and CEO Bruce Holland could use STAR bonds to developp his proposed which is called UniversitygTown Center. The Senate version passed 44-11, and the Houswe bill passed 78-39. Critics say the legislation could boostGlen Carbon’s economuy but only at the expense of surroundinb Metro East communities.
“This special STAR bond district would enable the private developers to capture all of the public tax dollars from the developmentg and use it for the purchasesof land, the construction of parking lots, water/sewer facilities, buildings, job training, financial services, legal fees and even interestg payments on the money borrowed to create the said Sen. Kyle McCarter, R-Lebanon, in a statement. “What this meansd is businesses which choose this development to locate could have a greaf deal of theirinitial start-up costsz paid for with public tax dollars. This will put economix development efforts of other nearbyy communities at ahuge disadvantage.
” Lawmakerw from both chambers hashed out some amendmentsw to the legislation, including grantinh the and local municipalities the authority to approve STAR bond districtas and projects, requiring economic impact studiesz and regional public restricting any business within a 25-milr radius from relocating to use the bonds; prohibiting car dealershipas from using STAR and removing local taxing districts from the definition of “locapl sales taxes” to protect the revenue stream for the Metro-East Park and Recreatiojn District, Madison County Transit and the Floox Prevention District.