The City of Savannah has requested the assistance of the Downtown Savannah Authority (DSA) by the issuance of its Downtown Savannah Authority Taxable Revenue Bond (City of Savannah Parking Project), Series 2020.

The proceeds of this issue will provide for:

1) Partial funding of the construction and equipping of a 400 space parking garage located adjacent to the new arena being constructed at Stiles Avenue at Gwinnett Avenue. The balance of the project's funding will be provided by SPLOST 6 in the amount of $5.0 million.

2) Payment of the issuance costs related to the bond.

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 Taxable Series 2020 bonds is $8.6 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 October 8, 2020. The second reading will occur at the meeting scheduled for October 22, 2020.

This is an announcement only, no action is required.