By Gina Long
The City of Hutchinson has scheduled a public hearing on Sept. 17 regarding issuing STAR bonds to assist the financing of three high-profile projects for remodeling and upgrades for the Landmark Building, Memorial Hall and the Cosmosphere.
The Kansas Department of Commerce reviews and vets the bonding process. From the department website:
“Sales Tax and Revenue (STAR) Bonds are a financing tool that allows Kansas municipalities to issue bonds to finance the development of major commercial, entertainment and tourism projects. The bonds are paid off through the sales tax revenue generated by the development.
“The intent is to increase regional and national visitation to Kansas.”
Hutchinson successfully used STAR Bonds before becoming the first city to use the economic development mechanism in 2006 to upgrade Strataca, then known as the Kansas Underground Salt Museum. The bonds were fully paid off in 2013, a remarkable feat considering the massive recession that began in 2008.
The Landmark Building is the lone private project in the proposal. STAR Bonds will help the developer pay to upgrade and remodel the historic building, creating much-needed downtown apartments and ground-floor retail space. The revitalized downtown corridor has created a demand for apartments within walking distance of restaurants, retail shopping and entertainment.
Memorial Hall is long overdue for an upgrade. It is a beautiful historic building whose cornerstone was laid by President Howard Taft in 1911. The building was built on a bridge and pier system and straddles Cow Creek. The city-owned building is a perfect mid-size venue for concerts, theatrical productions and conventions and has recently hosted high-profile boxing tournaments. The building desperately needs air conditioning to allow for year-round use, which will increase event sales tax revenue. The bathrooms badly need updating.
The Cosmophere wants to remodel the lobby, the Justice Planetarium and the Carey Dome Theater and expand the educational space. I frequently visit the Cosmophere Cafe and park in the south lot. On my walk to the front door, I look at license plates. The number of out-of-county and out-of-state license plates is astonishing. I believe that the renewed interest in space travel is increasing interest in history and STEM education and will continue bringing people worldwide to Hutchinson.
STAR Bonds do not increase taxes, despite what many believe. Learn more about the project, and please attend the public hearing on Sept. 17.
