The City of Savannah has requested the assistance of the Downtown Savannah Authority by the issuance of bonds to provide funding for the acquisition and construction of roadway improvements to widen Gwinnett Street to better serve the planned new arena and Canal District. 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 statue, the Authority in turn has made application to the City requesting the City Council’s express approval for the issuance of such bonds. The approximate amount of the new bond issue is $6,585,000.00.

Under state statue, the Authority’s application to the City to issue such bonds must receive two readings and a public hearing before City Council.  The first reading took place at the meeting of August 3, 2017.  The public hearing and second reading has been advertised for the meeting of August 17, 2017.

It is recommended that City Council close the public hearing and give its express approval for the DSA to issue bonds on behalf of the City of Savannah as requested by the City.