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Commission approves SPLOST-backed bond to fund $8.5 million Decatur Square transformation
Summary
The City Commission adopted a bond resolution to issue SPLOST-backed general-obligation bonds to fund an $8.5 million Decatur Square transformation project, approved associated materials testing services, and announced a groundbreaking for April 17, 2025.
The City Commission voted to adopt resolution R-25-XX authorizing the issuance of general-obligation sales-tax bonds to finance the $8.5 million Decatur Square transformation capital project. Staff told the commission the bonds will be repaid from SPLOST 2 sales-tax proceeds and that the city expects approximately $30.5 million in SPLOST 2 revenue over six years, with $11.5 million already earmarked for prior debt service.
Courtney Rogers of Davenport summarized the bond sale and credit profile, saying both S&P and Moody’s affirmed strong issuer ratings and that market timing produced a favorable yield: “we ended up under 3% which was a very good rate,” Rogers said. Staff explained the sale and structure allowed issuance of $8.25 million in bonds to deliver a roughly $8.5 million project fund while keeping the city’s remaining authorized debt unissued unless future borrowing is needed.
Bond counsel Terry Finister described the offering as a straightforward general-obligation issue and stated the staff reasonably expects sales-tax receipts to be sufficient to pay debt service. The commission moved, seconded and approved the resolution.
The commission also approved a $29,675 agreement with Matrix Engineering Group for materials testing, special inspections and geotechnical services and established a $30,000 project budget to support construction oversight for the square improvements. Deputy City Manager David Younger said Matrix previously provided similar services on Epster Field and Legacy Park.
A groundbreaking for the Decatur Square transformation was announced for April 17, 2025; staff said the work is expected to take about 10 months.
Why it matters: The action provides near-term financing and the contractor support needed to begin construction of the square transformation, which includes a new performing arts stage, restrooms, a children’s play area, expanded amenities on North McDonough Street, and green infrastructure upgrades.
The bond documents will be finalized by bond counsel and staff and the city expects to place proceeds in the bank on April 22, 2025.
