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 9 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

  1. City of St. Louis Water Division Lifts Precautionary Boil Advisory for Parts of South City The City Water Division has lifted the precautionary boil water advisory
  2. Additional Disaster Recovery Centers Opening in the City of St. Louis Two more Disaster Recovery Centers with FEMA Individual Assistance staff are opening to help people affected by the May 16 tornado and storms.
  3. Mayor Spencer Appoints Colonel Ben Jonsson as Chief Operating Officer Press release: Mayor Spencer Appoints Colonel Ben Jonsson as Chief Operating Officer

Did you notice an error? Is there information that you expected to find on this page, but didn't? Let us know below, and we'll work on it.

Was this page helpful?



Comments are helpful!
500 character limit

Feedback is anonymous.