The Downtown Savannah Authority (DSA) intends to issue bonds to assist the City of Savannah in financing the acquisition and construction of roadway improvements to widen Gwinnett Street to better service the new arena site.

The Downtown Savannah Authority has received a request for assistance from the City of Savannah to issue bonds to acquire and construct road improvements to Gwinnett Street near the arena site and pay all costs of issuance related to the bonds.

As in prior issues, the City will enter into an intergovernmental agreement with the Authority that will, among other things, unconditionally obligate the City to repay all principal and interest on the bonds.

The bonds are scheduled to be sold on the morning of August 31, 2017 in the approximate amount of $6,585,000.

No action required