Village West STAR bonds are paid off...and paying off!
I am very pleased to tell you that the STAR bonds used to build Village West are paid off! Not only that: the Unified Government is poised to collect $12 million in annual sales tax revenue from the retail development—money that will be used in the 2017 budget to reduce property taxes, make street improvements, fight blight, and strengthen public safety.
That $12 million figure should be enough to illustrate the value that STAR bonds have brought to our community. But the impact goes much further than that. Consider what $450 million in STAR bonds has delivered over the last 15 years:
- More than $1.4 billion in private investment
- $22 million in property tax revenue (about $10 million of that from developments surrounding Village West that did not receive STAR bonds)
- 11,000 new jobs
- A surge in residential development west of I-435
Not bad for an area that, before Village West was built, generated a mere $208,000 a year in property taxes.
This success gives me confidence as we move forward with another STAR bond project: Bringing the American Royal to KCK. At last night’s meeting, the UG's Board of Commissioners approved the creation of a 350-acre STAR bond district for the American Royal project just north of Kansas Speedway. The vote simply established the boundaries for the district and does not affect the collection of sales tax revenue from the Village West district. In the coming months, UG staff and the American Royal will work out details of a developer's agreement and then preset it to the Commission.
This is an exciting project. And it's exciting to know that Wyandotte County is again poised to reap the benefits from another STAR bond development