A resolution to authorize a contract to secure and to approve the issuance of approximately $6,585,000.00 in Downtown Savannah Authority Revenue Bonds (City of Savannah Projects), Series 2017 for the purposes of:

1) acquiring and constructing roadway improvements to Gwinnett Street to improve access to the new arena site

2) funding all issuance costs of the bonds.   

Competitive bids for the bonds are scheduled to be received on the morning of Thursday, August 31, 2017.  The exact amount of the bonds to be issued is subject to adjustment based on the amount of premium/discount that may be offered by the best bid received on August 31, 2017 and will be reported to Council at the meeting. The bond issue is being sized to net approximately $6,585,000.00 to fund the project.

Approval