Tuesday, October 05, 2010
View Marion STAR Bonds District in a larger map
Both the Marion Daily Republican and the Southern Illinoisan have their stories online from last night's Marion City Council meeting establishing the state's first STAR Bonds District.
Monday's action means the next legal step belongs to the Illinois Department of Revenue which has to approve the district's creation.
Although the developers did not identify any prospects by name, the Southern reports that Holland said the destination users could be identified within the next two months.
By law, Millennium Development must include at least one of the potential two destination users as well as the entertainment user in their master plan before the state will sign off on the plan.
The entertainment user is the non-retail attraction, possibly a theme park, that's necessary to attract enough visitors to the area to support the retail development. In turn, the sales tax generated by the retailers is what pays for the development of the entertainment user.
The legislation is designed to require both sides of the equation to be in place or the plan can't work and won't be certified by the state in the first place.
The law allows for a STAR Bonds district of 300 to 500 acres. The new district is just 366 acres, which leaves 134 acres that could be added later if necessary.