Macomb will send a letter of intent to the state to establish a STAR bond district.
On a 7-0 vote, the city council this week gave the mayor and administration the go-ahead to submit the notice.
City Administrator Scott Coker emphasized this does not commit Macomb to anything.
“There’s no obligation that we have to proceed with the full district plan and there’s no cost for this letter of intent at this time, or email of intent,” Coker told the city council.
The city has until June 1 to submit the notice of intent.
The city would use STAR bonds to help fund development of an indoor sports complex. The city is still doing its homework on the project and has not decided whether to move ahead with it.
Coker said this is a long process that will include plenty of discussion.
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.
It’s not known when the state will decide what projects will receive STAR bonds.
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