The City of Savannah has requested the assistance of the Downtown Savannah Authority by the issuance of bonds to provide funding for the acquisition and construction of pedestrian improvements in the vicinity of West River Street to include a riverwalk extension, public elevator and other streetscape/hardscape improvements. The City will enter into a contract with the DSA under which it will pledge to pay all interest and principal for the bonds. As required by State statute, the Authority in turn has made application to the City requesting the City Council’s expressed approval for the issuance of such bonds. The approximate amount of the new bond issue is $14 million.

Under State statute, the Authority’s application to the City to issue such bonds must receive two readings before City Council. The first reading is scheduled for the meeting of December 21, 2017. The second reading has been advertised for the meeting of January 4, 2018.

No action is required on this first reading.