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Council authorizes authority to seek refunding of 2015 convention-hotel bond; officials say market timing will determine savings
Summary
Ordinance G2025-07 was adopted to authorize refunding of a 2015 convention-center/hotel bond when market conditions permit; staff said earlier estimates showed roughly $450,000 lifetime savings but recent market movement has delayed closing.
The Evansville Common Council on March 31 adopted Ordinance G2025-07, authorizing the city to pursue refunding (refinancing) of the outstanding 2015 economic development revenue bond issued for the downtown convention-hotel project once market conditions are favorable.
Marco DeLucio, deputy city attorney, told the council the 2015 bond outstanding balance has fallen from about $10 million to roughly $7.5 million. City staff had previously estimated potential savings of about $450,000 over the bond’s remaining term if the refunding closed in April, he said, but recent adverse movement in the bond market has pushed the timetable back.
DeLucio asked the council to approve the ordinance now so the city can act quickly if the market improves; he said closing still depends on market stability and indicated there could be a two- to three-week delay between authorization and closing. Robert Gunter from the Controller’s office and Robert Swins (London Whitty), the city’s financial advisor, were noted as available to answer questions.
Council members asked for a commitment that staff would return with final savings estimates before closing; DeLucio agreed. After discussion there were no public comments. The clerk recorded a unanimous roll-call of 9 ayes and 0 nays and the ordinance was adopted.
