The sprawling Prairiefire development in southern Overland Park has defaulted on its Kansas STAR bond debt, the latest in the project’s years-long struggle to generate enough sales to meet its obligations under the controversial state tax incentive program. Bondholders were sent a notice of default last month after Prairiefire could not pay off $15 million in debt by its maturity date, which is the first slice of $65 million in Kansas Sales Tax and Revenue, or STAR, bonds issued in 2012. The 60-acre development — a combination of restaurants, shopping and a museum at 135th Street between Lamar and Nall avenues — has had a hard time for years meeting lofty sales projections set when Overland Park and Kansas approved the state incentives.
Source: Joco 913 News
