Developer drops plan for project in Glen Carbon
ST. LOUIS POST-DISPATCH
Friday, Apr. 30 2010
SPRINGFIELD, Ill.
— A controversial plan to build a Metro East retail hub with
the help of an unprecedented state tax give-back is apparently
dead.
Developer Bruce Holland had planned to build the 650-acre
University Town
Center at Glen Carbon with help from a "STAR bond" (state
tax revenue)
arrangement he was hoping to get through the Legislature. It
would have put
most sales taxes generated there back into the development,
instead of sending
that revenue to the state.
The plan drew fire from area mayors, who said it would drain
their tax coffers
and put area establishments out of business. Their opposition had
stalled the
measure in the Legislature.
Holland on Thursday afternoon e-mailed a statement to reporters
saying
last-ditch attempts to negotiate an agreement with the mayors had
failed and
"we are not able to move forward with plans."
"Despite the fact that multiple studies concluded University
Town Center would
create tens of thousands of jobs and generate millions of new
dollars for our
communities and state, vocal opponents made it clear they do not
want
University Town Center in Madison County," Holland said in
the statement.
"On Thursday, in a final attempt to reach consensus, we met
with several mayors
who told us there is nothing more we can do to secure their
support for the
project."
Maryville Mayor Larry Gulledge, who opposes the STAR bond plan,
said he hadn't
seen Holland's e-mail. He said he met with developers and other
mayors on
Wednesday and believed Holland was still pursuing the plan after
that meeting.
Gulledge said the death of the plan would be good news. "The
subsidies from the
state of Illinois are too great, especially with economic times
the way they
are," he said. "I just thought it was a bad time."
The issue had become a divisive one among Metro East legislators
in recent
months, as they lined up on either side of the controversy.
Greg Jonsson of the Post-Dispatch contributed to this report.