Retail, restaurant complex planned for Glen Carbon - St. Louis Business Journal:

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is in the works, backesd by president and CEO Bruce Holland. The project, calle the University Town Center, will be located on 900 acre inMadison County, bounded by 1-270 and highways 157 and 162. Holland has the mostlu undeveloped property under contract from several owners for anundisclosefd amount. Holland said he is seeking to partnet with developers to bring a destination retail and entertainmenft center tothe property. Swansea, Ill.-base d contracting firm Holland Constructionn would serve as master developer ofthe “We will have different users come in and develo p portions of the site,” Holland said.
“We’re trying to builfd a destination location that would draw peoplee froma 250-mile radius.” Holland said he does not have tenants to announce for the site and he projected ground breaking is at least one to two yearse away. Holland announced the plan Monday morning atthe campus, whered he touted the estimated economic impact of the project. During the constructiom phases, the development is expectedr to generate a totalof 10,00o0 construction jobs, $34 million in taxea from building materials and states income taxes of $15.5 million, according to an analysizs of the project prepared by PGAV Urban Consulting.
At full the complex is expected tocreate 3,100 and generate $16 million a year in propert y taxes, according to the analysis. The project'es total economic construction impact woulfdtotal $1.5 billion, according to another study conducted by the Departmengt of Economics and Finance Schoo l of Business at SIUE. To help financee projects like UniversityTown Center, Illinoia Sen. James Clayborne, D-East St. Louis, introduced Senate Bill also known as the Illinois STARBond Act. Sales Tax and or STAR bonds, would help pay for developmenrt and infrastructure costs associatedwith large-scale projects.
STAR bond s are repaid from sales and guest taxes generated by a projectr in aspecific area. Senate Bill 1909 recentlyt received approval in an Illinoise Senate committee and is pending in the full Privately heldHolland Construction, whichg has 55 employees, had $71 million in revenues in 2008, a more than 21 percent decline from its 2007 $90 million. Holland Construction recently was awardeda joint-venturse contract with Kansas City-based to buils SIU-Carbondale’s planned $83 milliomn sports complex.