Only three of 16 projects financed with STAR bonds are meeting requirements for bringing visitors and spending to Kansas, and it could still take decades for them to return the tax revenue diverted for the bonds, according to a new state audit.
Sales Tax and Revenue Bonds allow local governments to issue bonds for developments, which are then supposed to pay off the bonds through sales tax revenue generated by bringing in tourists from other states to visit.
The three businesses that met the goals are the Heartland Motorsports Park in Topeka, Kansas Speedway in Kansas City, and the Hutchinson Underground Salt Museum, The Topeka Capital-Journal reported.
For example, the Hutchinson project could take until 2132 to make back sales tax revenue used to support its development.
The other two projects could make back lost tax revenues sooner, but it could still take decades, auditors said.