The City of St. Louis Treasurer's Office will save $4.6 million after refinancing outstanding parking debt.
The City of St. Louis has $48.8 million in outstanding parking debt, and this refinancing will save $4.6 million over the course of 15 years. Previously, bonds were issued to build city-owned parking facilities in Downtown and the Central West End to help encourage development.
The refinancing process began in November 2014 when the Treasurer's Office issued a competitive request for qualifications ("RFQ") for a pool of underwriters. This RFQ evaluated costs, experience, and presence in St. Louis.
The Treasurer's Office used recommendations from the underwriters to start refinancing the parking debt in October 2015. The majority of the parking debt refinancing was complete by December 2015, but IRS rules prohibited refunding all of the outstanding parking bonds at that time. The Treasurer's Office completed refinancing all of the parking debt on November 25, 2016.
Office of the Treasurer
Most Read News
- Volunteer for the 2019 Street and In Shelter Point-in-Time Count Last day to register to volunteer for the Street and In Shelter Point-in-Time Count is January 15th, 2019. Information collected during the PIT count guides efforts to end homelessness in St. Louis.
- Winter Shelter and Outreach Operations in Effect Tonight January 10th 2019 Increased Outreach and Shelter Beds Available
- 2019 Martin Luther King Jr. Day of Service Americans across the country are rolling up their sleeves in service.
Feedback is anonymous.