A resolution approving the sale by the Downtown Savannah Authority to the low bidder of taxable revenue bonds for the purposes of:

1. Providing funds for the construction and equipping of a 400-space parking garage within the Eastern Wharf development on the east end of River Street; and
2. Funding the payment of capitalized interest during the construction period of the garage; and
3. 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 2026 taxable bonds is $31.0 million.

The bonds are scheduled to be sold on September 15, 2026.

Approval.