Wichita City Council approves STAR bonds package
Wichita's City Council on Tuesday voted to authorize the issuance of $40 million in STAR bond monies for the development of an area along the Arkansas River that will include the construction of a new sports stadium. The series 2018 STAR (sales tax special obligation revenue) bonds, which were marketed beginning on November 1, will be in the principal amount of just over $42.1 million (including financing costs). STAR bonds capture sales tax revenue in a development area and funnel it to project costs. The sales tax rate does not increase in those districts, but the portion of sales tax paid [...]