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Board clears financing bid for 4380 Memorial Drive; adds walk-on to acquire 999 Briarcliff Road
Summary
The board heard results of competitive bids for the URA financing of 4380 Memorial Drive on June 17, with PFM recommending award to Regions Bank (3.62% per annum, 3.77% all‑in TIC) on a 10‑year term. Commissioners also voted to add a walk-on to approve acquisition of 999 Briarcliff Road for $7.5 million with a $3.25 million private donation.
County financial advisers presented competitive bid results for bonds to finance URA‑related costs at 4380 Memorial Drive, and commissioners added a walk-on item to acquire a separate property at 999 Briarcliff Road.
Elise Slomel of PFM Financial Advisors said the county solicited bids and received 23 proposals from eight institutions. PFM recommended awarding the bond to Regions Bank, whose bid carried a 3.62 percent per‑annum interest rate and a 3.77 percent all‑in true interest cost (TIC). The county asked for bidding on 10‑, 15‑ and 20‑year amortization options and staff selected the 10‑year amortization as the most…
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