STAR Bond Financing. The previously established STAR Bond District approved by the City on March 19, 2012, and amended on October 23, 2014 includes 2 separate, non- contiguous areas located within Dodge City: (a) the historic, downtown Heritage Area, which is comprised of approximately 166 acres anchored by the Boot Hill Museum and Front Street located north of Xxxxx Xxxx Blvd., along with the areas south of Xxxxx Xxxx that are discussed in this Agreement; and (ii) the Entertainment Area, which is comprised of approximately 360 acres of primarily undeveloped ground generally located between U.S. Highway 50 and 108th Road, south of Frontview Road. The STAR Bonds to be issued for this Project would be based solely on the increased (or "incremental") sales taxes created within the Heritage Area after a 2012 "base year". The revenues used to repay STAR Bonds will not include (i) any real property taxes, (ii) any transient guest taxes (a.k.a. the "bed tax"), or (iii) any local sales taxes committed to other uses by voters in the City – all of those revenues would be retained by the City and other taxing jurisdictions. The other terms related to the STAR Bonds are described below:
STAR Bond Financing. A portion of the costs of the Project – generally limited to the costs of design and construction for the Multi-Sport Complex, and infrastructure supporting the Multi- Sport Complex – are to be paid for with proceeds from STAR Bonds sold only to Qualified Third Parties. Any such STAR Bonds will be 20-year special obligation bonds which are not guaranteed or credit- enhanced by the City in any way. Any STAR Bonds will also be subject to underwriting as well as terms, interest rates, coverage ratios and other conditions which must be acceptable to the City in its sole discretion. Developer is looking for up to $70,680,013 of STAR Bond net proceeds to pay for costs described herein (which is a reduction of the $77,180,012 of net proceeds in the 2019 document). However, Developer does not anticipate that the sales tax revenue from Phase 1 of the Project will yield all $70,680,013 that it is requesting, and Developer is therefore asking the City to subsequently consider additional bonds (in multiple issuances and/or series) to be issued thereafter to ultimately yield the entire $70,680,013. The difference in this proposed Second Amended and Restated Agreement as contrasted with the 2019 version, is that the Developer is not building the entire Multi-Sport Complex up front – the completion of the facility beyond Phase I is contingent upon the issuance of subsequent series of STAR Bonds. The City is not contractually obligated to issue additional STAR Bonds, and such subsequent decisions will be made by the governing body in its sole discretion in the future.
STAR Bond Financing. It is contemplated by the Parties that a portion of the Amended Project shall be funded in part by STAR Bonds. The costs of the STAR Bond Improvements (the "STAR Bond Improvement Costs") are specifically identified in the "TOTAL STAR BOND REQUESTED ELIGIBLE COSTS" column on the Project Budget attached hereto as Exhibit NM. Subject to the terms and conditions of this Second Amended and Restated Agreement, eligible STAR Bond Improvement Costs shall be reimbursed in part with STAR Bond Proceeds (defined in subsection (a) below). In connection with the STAR Bonds, the Parties hereby agree as follows:
STAR Bond Financing. Most of the financing for the Homefield Project is expected to come from one or more STAR Bond issues based on sales tax revenues from Project Areas 2B, 3 and 5. Section
