3/16/2017
Derby closing on STAR bonds sale ­ Wichita Business Journal
MENU


FOR THE EXCLUSIVE USE OF [email protected]
From the Wichita Business Journal:
http://www.bizjournals.com/wichita/news/2017/03/15/derby-finalizing-star-bond-financing.html
Derby finalizing STAR bond financing
 SUBSCRIBER CONTENT:
Mar 15, 2017, 2:40pm CDT
Derby is closing Wednesday on the sale of STAR bonds that will be
used in part to create a district for a dinosaur-themed attraction.
That represents a key step in the advancement of a $160 million
capital investment in Derby.
“This is a big step,” says Kathy Sexton, Derby’s city manager.
Having the financing in place ensures the project will move forward,
she says.
The city expects site and utility work to start this summer.
HTTP://WWW.FIELDSTATIONDINOSAURS.COM/
A dinosaur-themed attraction in Derby is gaining
momentum.
New Jersey-based Field Station: Dinosaurs is proposing a destination development on the west side of
Rock Road at the northeast end of Derby that would include a commercial entertainment and tourism
district based on dinosaurs.
The exhibit is designed to be entertaining and educational, says Guy Gsell, president and chief executive
producer.
He says the goal is to have the park operational by late spring or early summer 2018.
The park will include life-size animatronic dinosaurs. An indoor 3D theater, paleontology-themed miniature
golf course and a ropes course also will be included, Gsell says.
Destination Dinosaurs, he says, is interviewing local and national architecture firms to design the Derby
park. Local construction companies and subcontractors will be involved with the construction portion.
At its peak, the park will employ about 120 people, most of them seasonal workers hired locally.
This will be the second Destination Dinosaurs park in the country, with the other operating in New Jersey.
Gsell says the ropes and miniature golf courses were built in as additional features for the Derby park. He
says science programming will change weekly. Season passes also will be sold.
It’s all to encourage repeat visits, Gsell says. The park is targeting families with young kids.
The park is part of a larger STAR bond district that could also include a 100-room hotel, restaurant and
various retail businesses.
http://www.bizjournals.com/wichita/news/2017/03/15/derby­finalizing­star­bond­financing.html?s=print
1/2
3/16/2017
Derby closing on STAR bonds sale ­ Wichita Business Journal
Rick Worner, managing director of National Realty Advisors, is pushing the project through an entity called
Destination Derby.
Gsell says Worner approached him about the possibility of bringing a dinosaur-themed park to Derby.
In October, the Kansas Department of Commerce approved the issuance of up to $18.9 million of STAR
bonds to help finance the project.
STAR bonds capture sales tax revenue in a development area and funnel it to project costs. The sales tax
rate does not increase in those districts, but the portion of sales tax paid to the state, county and city
would be used to pay debt service on the project. A STAR bond district also requires Kansas Department
of Commerce approval.
Derby city leaders approved the creation of a STAR bond district in September.
Josh Heck
Reporter
Wichita Business Journal
http://www.bizjournals.com/wichita/news/2017/03/15/derby­finalizing­star­bond­financing.html?s=print
2/2