Tuesday, February 15, 2011

State Approves Rules for STAR Bonds

The new destination development planned for Marion passed a new milestone last week with the adoption of formal rules by the state to create and oversee the development of the STAR Bonds District.

The Illinois Department of Revenue proposed rules last year. A department spokesman told the Southern Illinoisan last week the Joint Commission on Administrative Rules approved them last Wednesday.

The district allows for a portion of sales taxes generated by the planned retail and entertainment complex be used to offset development and construction costs.

"The rules seek to assure job creation by requiring that the Marion STAR bond project be a destination development that draws people into Illinois from other states - otherwise you are just moving jobs around in Illinois," Klemens said. "The rules seek to assure that the project will be a true destination development with the power to draw visitors from Indianapolis, Memphis, Nashville (Tenn.) and beyond," he said.

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