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| August 15, 2019, City Council Regular Meeting | |
| Title 37. First Reading of the Downtown Savannah Authority Bond Application for Approximately $10 million to Fund the West River Street Parking Garage | |
| Strategic Priority Good Government | |
| Description The City of Savannah has requested the assistance of the Downtown Savannah Authority (DSA) by the issuance of its Downtown Savannah Authority Revenue Bonds (City of Savannah Project), Taxable Series 2019. The proceeds of this issue will provide for: 1) Partial funding of the construction and equipping of a 488 space parking garage located on the west end of River Street. 2) Payment of the issuance costs related to the bonds. 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 2019 bonds is $10 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 August 1, 2019. The second reading will occur at the meeting scheduled for August 16, 2019. | |
| Recommendation This is an announcement only, no action is required. | |
| 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: DSA Notice - River Street Garage.pdf Exhibit 2: Preliminary Numbers Proposed 2019 Parking Deck Bonds.pdf |
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