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Next month, Lowe's will follow suit when it closes its Oddie Boulevard store and opens its inside the Legends.
Assemblywoman Debbie Smith, D Sparks, spent months drafting legislation meant to reform Nevada's nascent STAR bond system, included in a bill she introduced during the 2009 Legislature.
Assemblywoman Debbie Smith struggles to reform law
STAR bonds can no longer be spent on legal fees, accounting fees, insurance, legal notices and costs to amend any ordinances.
"I'm really surprised because there has been a lot of public outcry against what happened to Target," Smith said. "There are some very unhappy business people about that kind of stuff. And yet they still do it."
Among the key changes to Nevada's STAR bond laws unanimously approved in 2011:
Carrigan voted against the STAR bond proposal when it came to the city for final approval in May 2008, citing his displeasure with RED Development getting $15.2 million in Sparks redevelopment funds on top of $116 million in STAR bonds issued for the project.
Semi annual reports from the development detailing visitor counts, sales tax revenues and how many out of state customers it's attracting. They are due in April and October.
Carrigan agreed with the boundary that bars businesses from moving into STAR bond districts, though he'd take it further: "I think you ought to go countywide, three miles is not enough."
In the waning hours of the session that year, it took a single political maneuver in the Senate Finance Committee for the bill to die the Adidas Energy Boost Womens Amazon result of developer opposition, she said.
Semi annual reports compiled by the Nevada Department of Taxation detailing all STAR bond funded developments' sales tax revenues, out of state visitor counts and wages paid by each business in the district. Those reports are due April 1 and October 1 each year and will be considered proprietary information, meaning they won't be made public.
Before it decided on its location inside the Legends, Sparks Councilman Mike Carrigan said Target had been in talks with the Kiley Ranch developer about opening a new location off Pyramid Highway RED ultimately offered the retailer a better deal.
use STAR bonds must submit an annual report to the state detailing how the districts have affected their finances as well as status updates on the development. Those are due by Sept. 1.
Two years later, again in the waning hours of the session, Smith's proposed STAR bond reforms passed both chambers unanimously though without the school district provision.
Businesses that exist within three miles of any STAR bond funded district would be barred from moving into it.
Cities trying to approve a proposed STAR bond project will need to obtain independent analysis from out of state firms for things such as feasibility and tourism studies.
STAR bond reforms in 2011
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Among the reasons for the reforms was the Sparks Target that closed on Prater Way and opened a new location inside of the Legends project in October 2008. While it did not directly receive STAR bonds, the discount department store is now sending 75 percent fewer sales taxes to local and state governments.
"I love that development," Carrigan said. "That being said it isn't what they promised. They have not fulfilled what they told us what they were going to do there."
"I don't think we know if STAR bonds are getting the job done because we didn't originally set up any reporting or accounting," she said in a recent interview. "That was the purpose of (Assembly Bill) 376 is to learn what's working and what's not."
Smith, who voted for the STAR bond creating legislation in 2005, said more reforms will likely be Adidas Energy Boost Reveal
Businesses that exist within three miles of a STAR bond funded development cannot move Harden 1 All Black
The reforms would have increased reporting requirements from developments that use STAR bonds, which allow them to keep 75 percent of the sales taxes they generate, and would have banned a school district's share of sales taxes from being used to pay off debt in future STAR bond projects .
"It's appalling to me that we know we have a problem and we're just going to leave here without fixing it!" Smith told the Reno Gazette Journal before the Legislature adjourned in 2009.
part of future legislative sessions, a reality of tweaking the notoriously complex statute that funded the $400 million Outlets at Legends in Sparks and $35 million Cabela's in Reno.
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