Prairiefire Payback Proves Retail Is Dead

A tragic reminder . . . 

Even in the Golden Ghetto . . . The fortunes of shopping malls continue to fade.

Here's a worthwhile quote we liberated from a paywall and more reporting:

In December, Prairiefire became the first to default under Kansas' STAR bond program. The initiative was created to draw new out-of-state visitors by helping municipalities fund as much as 50% of major commercial, entertainment and tourism projects. The bonds are covered through local and state sales taxes, plus hotel taxes, generated through the projects, typically over 20-year periods.

Read more via www.TonysKansasCity.com (paywall) link . . .

Court confirms how Prairiefire's available funds should be applied to defaulted STAR bonds - Kansas City Business Journal

Prairiefire doesn't have enough revenue to cover its obligations to related to STAR bonds. Now, a court order tells trustee UMB Bank how to divvy up available funds.