By COLE REIF
Great Bend Post
Sales Tax and Revenue (STAR) bonds were created by the Kansas Legislature in 1999 as a tool for cities and counties to develop major commercial, entertainment and tourism areas. The City of Great Bend and Great Bend Economic Development are diving into their first STAR bond to make improvements at the Great Bend Expo Complex and proposed hotel location on 10th Street.
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The work would include improvements to the SRCA Dragstrip with increased seating, livestock arena, banquet hall with four multi-purpose courts for sporting events, amphitheater, improvements to the existing rodeo grounds and an additional hangar and or restaurant.
Economic Development Director Sara Arnberger was confident this project could include resurfacing needed to the dragstrip, which has been closed the past couple of years because of repairs needed.
"I can't fully answer the dragstrip question because there are still legal negotiations still happening, but please know we are taking that into consideration as we plan this project," said Arnberger. "We wouldn't be entering into this project if didn't feel like we could accomplish it with the stages that we're at. It is a priority to see the dragstrip running again."
STAR bonds are repaid through the increased sales tax revenue, within a 20-year period, generated by the development. Arnberger said STAR bonds are an important tool for communities to attract new visitors while improving the quality of life for Great Bend residents.
"There are no additional taxes charged to residents with the STAR bond," said Arnberger. "The program allows us to temporarily redirect future sales tax revenue from the development within the district we establish. Existing sales tax will remain unchanged for residents."
There are currently 16 STAR bond projects in the works or completed in Kansas. With several more steps ahead, a public hearing is scheduled for Oct. 21 to create a STAR Bond District.
"This is adding something to Great Bend," said Arnberger. "Something very impactful and positive."