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| November 24, 2020 City Council Regular Meeting | |
| Title 20. Approval of a Resolution Approving the Sale of the Downtown Savannah Authority Taxable Revenue Bond (Arena Parking Project), Series 2020 to the Low Bidder and Authorizing an Intergovernmental Contract with the Authority to Secure the Debt Service | |
| Strategic Priority Good Government | |
| Description A resolution approving the sale by the Downtown Savannah Authority to the low bidder of taxable revenue bonds for the purposes of:
authorizing the execution of an intergovernmental agreement between the City and the Authority under which the City pledges payment of the debt service on 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 Series 2020 taxable bonds is $8.6 million. | |
| Recommendation Approval | |
| Contact David Maxwell, Chief Financial Officer | |
| Financial Impact These bonds will provide $8.5 million of the necessary $13.5 million to build a 400-space parking garage adjacent to the new civic center arena. The remaining $5.0 million will be provided by SPLOST 6 funds. The projected average annual debt service on these bonds is $808,000 over the 15-year life of the bonds. The City expects to liquidate the annual debt service using garage rents. | |
| Review Comments | |
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Attachments Exhibit 1: Debt Service Projections - Arena Garage.pdf Exhibit 2: Intergovernmental Agreement - Arena Garage.pdf Exhibit 3: Resolution - Arena Garage.pdf Exhibit 4: Recommendation Memo - DSA 2020 Parking Bond.pdf |
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