helper.js

Template.registerHelper('favorites', function()
{
  var favorites = new Favorites();
  favorites.init();

  return favorites;
});

object.js

var Favorites = function()
{
  var favorites;

  this.init = function()
  {
    HTTP.get('http://lovelocalbuylocal.com/api/favorites', {}, function(e, response)
    {
      favorites = response.data;
    });
  };

  this.isFavorite = function(business)
  {
    return true;
  };

};

template.html

<span class="icon {{#if favorites.isFavorite business}}icon-star-filled{{else}}icon-star{{/if}} pull-right" id="favoriteIcon"></span>