Glen Carbon, Illinois, has applied to host the state's second sales tax and revenue bond district, part of its plan for a sprawling mixed-use development that it hopes will keep more retail and tourism dollars in Illinois.
In doing so, Glen Carbon would become the home of Illinois' first New Opportunities for Vacation and Adventure, or NOVA, district, a new type of STAR bond district
On Dec. 12, the village's mayor provided notice to the director of Illinois' Department of Commerce and Economic Opportunity and the director of the Illinois Department of Revenue of the village's plan to establish the district. Glen Carbon, which has about 14,000 residents, held a public hearing to consider the establishment of a STAR bond district on Feb. 24.
In sweeping
"The Master Developer is actively working with multiple Development Users… that have evaluated the site, conducted onsite visits, and continue to engage in regular discussions regarding development within the District," the document states.
An economic impact analysis by Moran Economic Development projects 13,750 construction jobs and 2,790 full-time equivalent jobs within the village as a result of the project.
NOVA projects are designed for very large projects and get a bigger share of incremental sales tax revenue than available for STAR districts. To meet the bar for a NOVA district, projects must generate at least $300 million in annual gross sales.
The economic impact analysis projects that the 3.53-million-square-foot Glen Carbon development "could support on the order of $714 million in annual gross sales at stabilization."
The $1.97 billion development would sit on 1,534 acres of property that includes 57 contiguous parcels, about 99% of which are now vacant, according to the plans. The three parcels with buildings contain two residences and one old farmhouse.
The planned NOVA district abuts a highway interchange about eight miles from the Missouri border and 16 miles from St. Louis.
In documents posted to the village's website, the developers say attractions "may include" interactive, technology-enabled experiences; themed environments; family-oriented entertainment; ropes courses; zip lines; inflatable obstacle and water-based attractions; multi-level go-karts; and other indoor and outdoor recreational concepts.
They also want to build a regional sports and recreation complex; a domed sports arena; indoor and outdoor concert venues; multiple hotels; a luxury multifamily residential development with resort-style pools; an outdoor resort and lakefront lodging; large-format retail stores; a "festival-oriented" Main Street center; multiple restaurants, including food halls and specialty dining venues; and office buildings.
A letter dated Jan. 30 from Vice President Donna Luechtefeld-Tebbe of Heartland Bank and Trust Company says the developers, Ryan and Chad Holland, "and their businesses meet high standards of creditworthiness and significant financial strength."
She added, "They have always managed their credit relationships in an exemplary manner."
Glen Carbon Mayor Bob Marcus and Director of Community Development Erika Heil did not respond to requests for comment. Finance Director Kelly Korte referred questions to staffers, who did not respond by press time.
DCEO spokespeople did not respond to questions by press time.
