GOV
Treasurer’s Office Saves City Millions by Refinancing Parking Debt
Savings to Occur Over 15 Year Period
December 12, 2016
|
2 min
reading time
This article is 6 years old. It was published on December 12, 2016.
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.
-
Department:
Office of the Treasurer
-
Topic:
Most Read News
- White House Grants St. Louis Area Federal Disaster Declaration Following Late July Flooding and Storms State MARC locations remain open Tuesday, Wednesday, and Thursday at Friendly Temple Church
- Probable Case of Monkeypox Being Investigated in the City of St. Louis The City of St. Louis Department of Health is reporting the city’s first probable case of monkeypox. The department is awaiting confirmation from the Centers for Disease Control and Prevention.
- White House Declares Monkeypox a Public Health Emergency The US announcement comes almost a month after the World Health Organization (WHO) announced that monkeypox is a public health emergency of international concern.
Feedback is anonymous.
