The bank overseeing Prairiefire’s nearly $65 million in defaulted sales tax revenue (STAR) bonds now has a clearer path forward as to how it should apply available funds from the Overland Park development to its first portion of outstanding debt. A judge in Minnesota’s Hennepin County District Court on Thursday issued an order confirming that UMB Bank, the trustee for Prairiefire’s STAR bonds, should proportionately split about $4.2 million across $14.9 million in principal and $1.75 million in interest that came due in mid-December. The order also clarifies that future interest will accrue on delinquent interest at the retail and entertainment project, on top of its three tranches of STAR bond principal.
Source: Kansas City Business Journal
