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| September 12, 2019, City Council Regular Meeting | |
| Title 22. Motion to Adopt a Resolution Approving the Sale of Bonds by the Downtown Savannah Authority 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: 1) Funding the completion of the construction and equipping of a 488-space parking garage currently under construction on the west end of River Street; and, 2) Funding the payment of the issuance costs related to the bonds; and 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 2019 taxable bonds is $10 million. | |
| Recommendation Approval | |
| Contact David Maxwell, Chief Financial Officer | |
| Financial Impact An average annual increase of $600,000 in debt service related to the parking facility currently under construction. This increase will be offset by increased contractual payments due to the City by the garage operator under the operator agreement. | |
| Review Comments | |
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Attachments Exhibit 1: Contract - DSA Bonds.pdf Exhibit 2: Resolution - DSA Bonds.pdf |
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