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

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is in the works, backed by president and CEO Bruces Holland. The project, calledx the University Town Center, will be located on 900 acrex inMadison County, bounded by I-255, 1-279 and highways 157 and 162. Hollanx has the mostly undeveloped property under contracf from several owners for anundisclosed amount. Hollandf said he is seeking to partner with developeres to bring a destination retaill and entertainment center tothe property. Swansea, Ill.-based contracting firm Hollanrd Construction would serve as masterr developer ofthe site. “We will have different users come in and develop portions of the Holland said.
“We’re trying to build a destinatioh location that would draw people froma 250-mils radius.” Holland said he does not have tenantas to announce for the site and he projectedf ground breaking is at least one to two years Holland announced the plan Monday morning at the where he touted the estimated economic impacy of the project. During the constructio phases, the development is expected to generatw a totalof 10,000o construction jobs, $34 million in taxes from buildingy materials and state income taxed of $15.5 million, according to an analysis of the project preparer by PGAV Urban Consulting.
At full the complex is expected tocreate 3,10p0 jobs, and generate $16 million a year in propertyg taxes, according to the analysis. The project'sx total economic construction impact wouldtotal $1.5 billion, accordinyg to another study conducted by the Departmentf of Economics and Finance School of Businessx at SIUE. To help finance projects like UniversityTown Center, Illinois Sen. James Clayborne, D-Eastg St. Louis, introduced Senate Bill 1909, also known as the Illinoiz STARBond Act. Sales Tax and Revenue, or STAR would help pay for developmenr and infrastructure costs associatedwith large-scale projects.
STAR bondse are repaid from sales and guest taxes generated by a project in aspecifid area. Senate Bill 1909 recently received approval in an Illinoiz Senate committee and is pending in the full Privately held Holland which has55 employees, had $71 million in revenu in 2008, a more than 21 percenft decline from its 2007 revenue, $90 Holland Construction recently was awarded a joint-venturwe contract with Kansas City-based to build SIU-Carbondale’s planned $83 millionh sports complex.