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| Questions Over Incentives for Southern Illinois Development |
Illinois is trying something new to attract more business and tourism in the state. The General Assembly has approved a sales tax and revenue, or STAR, bonds bill. The plan gives incentives for a developer to use public bonds, with little risk to the developer, to build a new tourist attraction in Marion, Illinois.
State Rep. John Bradley (D-Marion) sponsored the bill and says his district needs the jobs and potential economic boost from the attraction. The developer has not decided what will be built on the land that used to be a strip mine. The new attraction could be a Cabela's sporting goods store, an indoor water park, or a large shopping mall.
State Sen. John Jones (R-Mount Vernon) voted against the bill. He worries the new attraction will prevent developers from investing new business in surrounding areas. Mount Vernon is just 40 miles from Marion and Mayor Mary Jane Chesley says one businessman has already decided not to build a new motel there because of the STAR bond project.
Illinois has never offered STAR bonds before, but the system has had success in other states like Missouri. The bill calls for a sales tax abatement, in which the state gives up as much as 50 percent of sales taxes collected in the area, to the project developers.
Bradley says there is no initial investment by the state to build the attraction, and the region could benefit from as many as six thousand jobs. Governor Pat Quinn will now decide whether Senate Bill 2093 becomes law.
(Illinois Radio Network) |
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| 06 03 10 by Newsroom |
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