City to delay sale of STAR Bonds for Heartland Park

TOPEKA (KSNT) – The City of Topeka announced Thursday it will delay selling STAR bonds to acquire the Heartland Park racetrack originally scheduled for December 16th.

In making the announcement, city Communications and Marketing Director Suzie Gilbert aid the delay is due to a pending appeal in the Kansas Court of Appeals challenging a ruling a petition to require a public vote on the acquisition is invalid.

The city wants to sell more than $5 million in bonds as part of the project to buy the race track and improve the area.

“Delaying the sale until the appellate court has considered the petitioner’s motion for a stay will reduce uncertainty for potential bond investors,” says Gilbert “allowing the City to capture the best bond rates possible.”

The City has a December 15th deadline for filing its response to the Court of Appeals order setting out deadlines for the appeal. Previously, a Shawnee County District Court judge ruled a petition which would have required a public vote on the acquisition invalid for on a number of technical points.

The matter will be discussed again at the December 16th Topeka City Council meeting.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s