STAR, TIF… WTF?

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Owners of the Kansas City Wizards now want to build a stadium at Village West in Kansas City, Kansas. In this week’s feature, I describe how the decision jolted public officials in Kansas City, Missouri, who thought the Wizards were going to kick soccer balls at the site of the old Bannister Mall.

KCK’s capture of the Wizards is being credited to Sales Tax and Revenue (STAR) bonds. A state program, STAR bonds essentially created Kansas Speedway and the Village West shopping district, where the Wizards are heading.

Kansas City, Missouri, Councilwoman Cathy Jolly told me last Friday she was “envious” of the incentives the Unified Government was able to offer. Says longtime Kansas City developer Whitney Kerr Sr.: “The STAR bond deal is pretty hard to beat.”

So what is a STAR bond?