Garden City is one step closer to having a major multi-sport athletic complex.
The Kansas Department of Commerce last week approved a Sales and Tax Revenue (STAR) Bond for the $30 million Sports of the World Complex, which according to a press release from the City of Garden City, will include indoor and outdoor facilities and a stadium that can accommodate ice skating, hockey, rugby and more.
The Kansas Department of Commerce authorized the issuance of $25.4 million in revenue bonds to finance the project, which will be located on 32 acres on the east side of Garden City near Stone Development and Schulman Crossing.
According to the Department of Commerce’s website, STAR bonds provide Kansas municipalities the opportunity to issue bonds to finance the development of major commercial, entertainment and tourism areas and use the sales tax revenue generated by the development to pay off the bonds. The STAR bond is not a new tax.
According to the press release, Finney County Economic Development Corporation shepherded the project through the City’s approval process until an investor was identified.
“This is a great project for our region and will go a long way toward meeting some of our community enhancement goals,” FCEDC President Lona DuVall said. “It’s been a pleasure for our office to work on, and we look forward to the increased visitation and economic activity once it’s built.”
According to City staff, KDOC’s approval is the first in a four-stage process to complete the Sports of the World Complex. Stage two is the negotiation of a developer’s agreement with GC Investments, Inc., the project developer; stage three is the private placement of the revenue bonds with investors; stage four is the construction of the complex.
GC Investments, Inc. spokesperson HJ Swender anticipates that the remaining stages of the project will move along more quickly than stage one did.
“Certainly the drafting of a development agreement requires a lot of time and attention, but GC Investments, Inc. is excited about this project, and we know there is great enthusiasm in the regional sports community for it,” Swender said. “We plan to finalize the development agreement and start construction in the near future."
For more information regarding the project, contact GC Investments, Inc. spokesperson HJ Swender. For more information about the history of establishing the STAR bond district or the project plan, contact City Manager Matt Allen.