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| February 1, 2018 City Council Regular Meeting | |
| Title 24. Motion to Adopt Resolution Authorizing a Contract with the Downtown Savannah Authority (DSA) and Approve the Issuance of Bonds by the DSA to the Best Bidder | |
| Description A resolution to authorize a contract to secure and to approve the issuance of approximately $14,000,000 in Downtown Savannah Authority Revenue Bonds (City of Savannah Projects), Series 2018 for the following purposes: 1) 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. 2) Funding all issuance costs of the bonds. Competitive bids for the bonds are scheduled to be received on the morning of Thursday, February 1, 2018. The exact amount of the bonds to be issued is subject to adjustment based on the amount of premium that may be offered by the best bid received on February 1, 2018 and will be reported to Council at the meeting. Minority firm participation was achieved in several phases of the bond issue including the requirement that the winning bidder include a minority securities firm on its bidding team. The City Council voted to authorize the issuance of these bonds at its meeting of January 4, 2018. | |
| Recommendation Approval | |
| Contact David Maxwell, CFO | |
| Financial Impact This debt issue will increase General Fund supported debt service by approximately $1,000,000 annually for 20 years. The first payment will be due in 2019 and will not impact the 2018 budget. It is anticipated that tax increments created by the Kessler Development and the Rockbridge Development in the proximity of West River Street will be sufficient to service the debt on these bonds. | |
| Review Comments | |
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Attachments Memo to CM ref DSA 2018 issue.pdf intergovernmental contract (v2) 01-09-18.pdf res-authorizing City (v1) 01-12-18.pdf |
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