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Synovus Bank selected to underwrite Emerson Park assessment financing; assessments lower than earlier estimate
Summary
After one responsive proposal, council selected Synovus Bank for the Emerson Park special assessment loan. The proposed 15‑year tax‑exempt loan carries a 4.48% fixed rate through 2040 and reduces the estimated annual assessment cost to property owners from an earlier estimate.
The Apopka City Council on May 21 selected Synovus Bank as the lender for the Emerson Park special assessment financing after the city received a single responsive proposal to its RFP.
Joel Tindall of Hilltop Securities, the city's financial advisor, summarized the financing: a not‑to‑exceed loan principal near $2.2 million for roadway improvements, a 15‑year term through 2040, a fixed tax‑exempt rate proposed at 4.48% and no requirement for a debt service reserve fund. Tindall said the all‑in true interest…
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