Stagnant redevelopment at Heartland Park causes bond debt

TOPEKA, Kan. (AP) — A Topeka racetrack’s redevelopment project hasn’t made efforts toward completion in the past several years, prompting one senator to say the state has been “duped.”

The Topeka Capital-Journal reports that longstanding frustrations have drawn new attention as some lawmakers have grown weary of STAR bonds, the economic development tool used to finance the track redevelopment.

The city of Topeka issued a $10.4 million STAR bond for the facility’s improvements in 2006. Through the bonds, cities and counties fund projects by borrowing from anticipated sales tax revenue.

The city serviced debt from the racetrack’s bond of more than $629,000 in the past year and $5.6 million since 2006.

Republican state Sen. Julia Lynn, chairman of the Senate Commerce Committee, said the oversight of the state’s financial loss to a stagnant project is vital so that lawmakers don’t get “duped” again.

 

 

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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