This bill seeks to promote economic development in Kansas by establishing a port authority in Wyandotte County and Kansas City, while also expanding the STAR bonds financing act. It allows local governing bodies to create STAR bond projects specifically for mall redevelopment, financed through special obligation bonds. Key provisions include visitor origin requirements for project approval, the necessity for the secretary of commerce to approve project plans, and a prohibition on using state general fund moneys for bond repayment. The bill also extends the expiration date of the STAR bonds financing act to July 1, 2031, and clarifies definitions related to mall STAR bond projects, ensuring accountability and transparency in the use of public funds.

Additionally, the bill modifies the financing structure for STAR bond projects, allowing for a higher percentage of financing—up to 70% of total project costs for certain projects—and establishes stricter guidelines for projects that may negatively impact existing businesses. It emphasizes public hearings, local government participation, and mandates feasibility studies before project approval. The bill also requires annual reports from cities and counties on STAR bond projects and removes the requirement for state or federal contributions as a financing source. Overall, the legislation aims to streamline the financing process for significant economic development projects while ensuring they positively contribute to local economies.

Statutes affected:
As introduced: 12-17
Sub: 12-17
{As Amended by Senate Committee of the Whole}: 12-17
H Sub for: 12-17, 79-3201, 12-3402