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STAR bonds to be issued to help economic growth and development in Marion

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STAR Bond District Map in Marion

MARION, Ill. (WSIL) -- Representatives with the City of Marion said they are adopting an ordinance to approve issuing a series of bonds which will help towards economic growth and development in the city.

The Marion City Council unanimously adopted an ordinance on Monday in connection to issuing a series of 2025 STAR Bonds (Sales Tax and Revenue bonds).

The funds are exclusively for project costs which are outlined in the which will leverage new incremental sales tax revenue which are generated in the STAR Bond District.

This first started back in 2010 when the Illinois General Assembly, and then-Governor Pat Quinn, approved and signed the , the City of Marion stated. This in turn helped pave the way for future development in a geographic area know as the STAR Bond District.

The STAR Bond District (shown in the attached map) is located around the former Illinois Centre Mall.

City representatives said the bond amount is capped at $125 million.

A bond financing firm called Stifel in St. Louis, will oversee the marketing of the bond, a Marion representative stated. Proceeds from the bonds are reported to finance a portion of the $200 million development costs. This will be determined for a retail and entertainment complex in Marion which is anticipated to bring in shoppers from more than 70 miles away.

The City of Marion included some of the development projects below...

Oasis Powersports and Oasis Family Entertainment Center: The former Illinois Centre Mall will be creatively repurposed into Oasis Powersports, a leading retailer for ATVs, UTVs, and watercraft. Additionally, the Oasis Family Entertainment Center will feature attractions such as art laser tag, virtual reality experiences, go-karts, and more, providing fun and excitement for families and visitors of all ages.

Oasis Fieldhouse: Adjacent to the Oasis Sports Complex, the state-of-the-art Oasis Fieldhouse will offer a premier golf driving range, pickleball courts, and putt-putt facilities. The development will also include a new Hampton Inn, enhancing accommodation options for visitors and positioning Marion as a prime destination for tourism and recreation.

Oasis Home Center: The existing Oasis Powersports, formerly known as Toys-R-Us, will undergo rebranding and refurbishment to become the Oasis Home Center. This new establishment will showcase the latest brands in appliances and home finishes, catering to the growing demand for home improvement and interior design.

Construction is anticipated to start after the bonds close, which is expected to happen in May, 2025, the city stated.

A Marion city representative also said the entire project development is projected to be finalized by the first quarter of 2027.

The economic growth is anticipated to bring in more visitors to Marion and lead to numerous job opportunities, improve the economic outlook for the region and enhance tourism throughout the city.

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