Few projects financed using STAR bonds met benchmarks for bringing visitors and spending to the state, a new report from the Legislature’s non-partisan auditing arm revealed Monday. Moreover, a sampling of three projects using the tool found it will take decades, even upward of a century, for revenues from out-of-state visitors to reach the point where the state had made back the tax revenue it gave up for those enterprises. STAR bonds, short for Sales Tax and Revenue Bonds, are an economic development tool designed to boost tourism and business activity in Kansas. They have existed in the state for decades. They allow municipalities to issue bonds to finance major commercial, entertainment and tourism developments and are paid off through sales tax revenue generated by the project.
Source: CJonline
