What Rich Miller described last year as the "worst bill ever" is back from the grave. In the fall, Gov. Pat Quinn vetoed SB 1909, which would have established a sales tax revenue (STAR) district in Glen Carbon, where developers from the University Town Center group are planning to build a $1.5 billion entertainment center. Sen. James Clayborne (D-East St. Louis) and Rep. Tom Holbrook (D-Belleville) have introduced a new measure this year (SB 2093) reviving the project.
If you follow the debate over tax increment financing, this should look familiar. If a STAR bond district is approved by the General Assembly, developers capture all of the state sales tax proceeds generated by businesses in that district. They can then take that money, bond it, and use the cash flow to build out their project. Taxpayers across Illinois, unfortunately, lose out. A new study by the St. Louis-based Peckham Guyton Albers & Viets Inc. estimates that the state will lose $729 million in sales tax revenue over 20 years if the project is paid for using STAR bonds. Decreased retail spending in other parts of the region would also starve metro-east communities of some $400 million in retail sales annually.
To get caught up on the debate, read Miller's post from last year, which explains in depth how local lawmakers across Illinois could use (and abuse) this model.
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The article is a bit confusing to me. As I read it, the bill was introduced by a Star Bond critic who wanted to increase school funding by eliminating the ability of Star Bonds to access the "school portion" of increased property taxes inside a star bond district.
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