The City of Savannah has requested the assistance of the Downtown Savannah Authority (DSA) to effecuate the issuance of its Downtown Savannah Authority Taxable Revenue Bonds (City of Savannah Eastern Wharf Parking Project), Series 2026.

The proceeds of the bond sale will provide for:

1) Funding the construction and equipping of a 400 space parking garage located adjacent to the Eastern Wharf development on the east end of River Street.

2) Funding the capitalized interest on the bonds during the construction period.

3) Funding the issuance costs related to the bonds.

The City of Savannah 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 par amount of the Taxable Series 2026 bonds is $31.0 million. A guaranteed maximum price of $27,217,412 has been reached for the cost of the garage construction.

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 June 11, 2026. The second reading is scheduled to occur at the meeting to be held on June 25, 2026.

This is an announcement only, no action is required.