http://freemansblog.com/?p=78
is in the works, backed by president and CEO Bruce The project, called the University Town Center, will be located on 900 acrees in Madison County, bounded by I-255, 1-270 and highways 157 and 162. Holland has the mostlyh undeveloped property under contract from several owners for anundisclosed amount. Holland said he is seeking to partner with developers to bring a destination retaipl and entertainment center tothe Swansea, Ill.-based contracting firm Holland Construction would served as master developer of the site.
“We will have different usersx come in and develop portions ofthe site,” Holland “We’re trying to build a destination locatio that would draw people from a 250-miler radius.” Holland said he does not have tenants to announce for the site and he projected grouned breaking is at least one to two years away. Hollandc announced the plan Monday morning at the where he touted the estimated economic impacty ofthe project. During the construction the development is expected to generate a totaolof 10,000 construction jobs, $34 million in taxes from buildinb materials and state income taxes of $15.
5 million, accordinh to an analysis of the project prepared by PGAV Urbajn Consulting. At full operation, the complex is expected to creat 3,100 jobs, and generate $16 million a year in property according tothe analysis. The project' total economic construction impacf wouldtotal $1.5 billion, according to another studyh conducted by the Department of Economics and Financew School of Business at SIUE. To help financer projects like University Town Illinois Sen. James Clayborne, D-East St. introduced Senate Bill 1909, also knowb as the Illinois STARBond Act. Salea Tax and Revenue, or STAR bonds, would help pay for developmen t and infrastructure costs associatedwith large-scales projects.
STAR bonds are repaid from sales and guest taxes generated by a project in aspecific area. Senate Bill 1909 recentlyh received approval in an Illinois Senat committee and is pending in the full Privately heldHolland Construction, which has 55 employees, had $71 millionm in revenue in 2008, a more than 21 percent declin e from its 2007 revenue, $90 million. Holland Construction recently was awardeda joint-venture contract with Kansas City-based to build SIU-Carbondale’s plannede $83 million sports
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