Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
URA briefed on proposed bond financing for City Center; special meeting may be needed before council action
Summary
Legal and finance staff outlined plans for a two‑series municipal bond issuance to fund a proposed City Center complex (fire, city hall, police and recreation), including refinancing earlier 2021 bonds and combining SPLOST and other sources; board discussed timing and set a near‑term meeting to review bond documents ahead of city‑council consideration.
Counsel and the financial adviser briefed the URA on a proposed municipal bond financing to support a City Center complex that would combine several municipal services under one roof and include recreation facilities. The proposed financing structure contemplates two series (A and B), refinancing a 2021 issuance, and pairing bond proceeds with SPLOST dollars, tax‑allocation district availability and other restricted sources for the project estimated in the range of tens of millions.
Staff said the URA will likely need to approve an intergovernmental agreement with the city and a bond resolution; the process includes a superior‑court bond‑validation proceeding in Georgia before closing. Board members discussed timing: the city council will consider the intergovernmental agreement on Dec. 1, and the URA agreed to schedule a short special meeting (possible Dec. 1 at 5:30 p.m.) to review bond documents and resolve URA approvals prior to council action.
Staff emphasized they will shop the proposed terms to obtain the best market rate and indicated construction could start in 2026 if bonds close this year. The board asked staff to circulate term sheets and proposed documents for review in advance of the special session.
