Archive for Thursday, January 26, 2006

Brown supports STAR bonds’ use

January 26, 2006

Rep. Anthony Brown, R- Eudora, Friday discussed the STAR bonds, which will be used to help finance the new Schlitterbahn Vacation Village in Wyandotte County. STAR is an acronym which stands for sales tax revenue and these bonds are issued through a state financing program which allows city governments to issue bonds that are repaid by all of the revenues received by a city or county from any transient guest, local sales and use taxes that are collected from taxpayers doing business within the established area.

Schlitterbahn Vacation Village will be located southeast of Interstate 435 and Parallel Parkway. Projected economic impacts of Schlitterbahn include an additional $3 million a year in

property tax revenue and 3,000 new jobs with combined salaries and benefits totaling more than $90 million.

Schlitterbahn has been rated as the No. 1 water park by the Travel Channel and has three parks already in Texas. This will be their first venture outside of that state. It will include a mile long River Walk featuring destination shopping, dining and entertainment, a 300-room hotel and salt water lagoons for snorkeling and helmet diving.

"The use of STAR bonds is an innovative way to encourage growth without burdening local taxpayers and the economic impact will be tremendous," Brown said.

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