TOPEKA, Kan. (AP) — Topeka’s governing board has voted to buy the Heartland Park racing facility and expand its redevelopment district.
The Topeka Capital-Journal reports Tuesday’s vote is only a preliminary step needed before the city can buy the financially struggling racetrack.
The city council in 2006 issued $10.46 million in STAR bonds to finance improvements at the racing park, intending to use sales tax revenue to pay off the bonds. But Heartland Park’s STAR bond revenue was not enough and the city used property tax revenue to make up the difference.
City manager Jim Colson said the city will be able to break even on the STAR bond debt, partly by expanding the redevelopment district.
The city plans to find a buyer for the track or contract with someone to manage it.
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