When the event center’s new owners asked the Kamas City Council to create a new, self-contained tax district to finance a 150-unit hotel last year, councilmembers weren’t ready to say yes.
So the four Dejoria Center investors — collectively known as High Star Ventures — are going a different route: the municipal bond market.
That will allow them to still get $104.5 million up front for development.
And like the tax district they initially proposed, the debt will be repaid by an assessment on future property owners in the development area, not other taxpayers in High Star or the rest of Kamas.
Bloomberg first reported on the bond sale, which it said would happen the week of Feb. 23.
The global business-focused news outlet reports the bonds will finance water, sewer and other utilities for the project.
The bond underwriter for High Star Ventures told Bloomberg the bonds mature in 2055 but they plan to repay the hundred million by the end of 2029.
Bloomberg says the development plan includes 168 single-family residences, 150 condos along with 45,000 square feet of retail space within the condo building that will include two restaurants, a rooftop bar, pool and fitness center.
An additional 17 rental homes and 15 “casitas” are also planned. Bond documents show a shopping center called “Cowboy Village,” according to the report.
High Star Ventures only owns the Dejoria Center and adjoining businesses right now.
The owners told the city council last October they would close on more of the land in High Star Ranch’s residential area in December, but county records don’t indicate that happened.
