Macomb city council members will be asked next week to take some action regarding the proposed economic development project anchored by an indoor sports complex.
The city council will vote Monday, May 18 on whether to authorize Mayor Mike Inman to send a letter of intent to the Illinois Department of Commerce and Economic Opportunity and the Illinois Department of Revenue, informing them that the city intends to establish a STAR bond district.
“That notice of intent does not in any way bind us to proceeding with the project. It simply allows us to get into a queue, a queue we have to be in if we want to be considered for this incentive that’s going to be available at the state level,” Inman said.
The city has until June 1 to submit the notice of intent.
The Illinois STAR bond program allows municipalities to finance major developments with government bonds up to $75 million. Sales tax revenue generated by the completed project is used to pay back the bonds.
Inman said Macomb is still working on finding a master developer for the city’s project, which is required to be considered for STAR bonds.
“The city cannot be the direct recipient of that incentive, only a private developer can,” Inman said.
The mayor said if the state awards STAR bonds for the Macomb project, the city would face a January 1, 2027 deadline to adopt a resolution that identifies where the STAR bond district will be located.
The city would then be required to submit its project plan to DCEO for the state agency’s approval by June 1, 2028.
“No matter how you look at it, it’s a long, arduous process. But, again, something that not only we here in city hall but several of our community partners believe it’s a project worth pursuing and an opportunity we should pursue until we don’t qualify or it doesn’t work feasibly for us,” Inman said.
The state is divided into ten STAR bond regions. Macomb is in the West Central Region, which includes nine counties — Adams, Brown, Hancock, Henderson, Knox, McDonough, Pike, Schuyler, and Warren.
Just one project from the region will be awarded the bonds.
In a few weeks, the city might have an idea of who else — if anyone — applied for projects in the West Central Region.
It’s not known when the state will announce what projects will be awarded STAR bond funding.
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