University Town Center open house canceled
An open house scheduled this evening for citizens to learn more about the proposed University Town Center shopping mall in Glen Carbon has been canceled.
According to a spokesperson for GlenEd Citizens, the community group hosting the meeting, developer Bruce Holland said he would be unable to attend because he will be in Springfield where legislators will convene for the fall veto session.
Holland's mall project would be funded by sales tax and revenue (STAR) bonds, made possible through legislation passed by state law makers earlier this year.
The STAR bonds bill would capture at least $15 million a year in state sales tax and channel it to developers, who in addition to Holland, include John Costello, son of U.S. Rep. Jerry Costello (D-Belleville).
Holland, Costello and others would repay the bonds with proceeds from the five percent tax that the state would normally collect.
Gov. Quinn did not sign the bill. Instead, he offered an amendatory veto that would split taxes with developers on a 50-50 basis.
Legislators will consider Quinn's offer during veto session which begins Oct. 14.