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State auditors: Overland Park’s Prairiefire could default on $64.8M in bonds
Auditors working with the Kansas Legislature said that a recent analysis of Overland Park’s Prairiefire mixed-use development’s STAR (sales tax revenue) bonds issued in 2012 won’t generate enough to repay debts in the required 20-year period.
Of the original $64.9 million in STAR bonds, the development is still on the hook for $64.8 million, Kansas Reflector reported . According to auditors, Prairiefire might not produce enough sales tax revenue to pay back those bonds until 2046 or 2104.
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