Treasurer’s Office Saves City Millions by Refinancing Parking Debt

Savings to Occur Over 15 Year Period

December 12, 2016 | 2 min reading time
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. Public Notice: Proposed Clifton Heights Park Master Plan The proposed Clifton Heights Park Master Plan will be considered at the December 5, 2018 Planning Commission Meeting
  2. Next Poet Laureate to be sworn in Friday Next St. Louis Poet Laureate to be sworn in Friday
  3. 2018 Taxes Up Slightly Despite No Reassessment 2018 Taxes Up Slightly Despite

Was this page helpful?      



Comments are helpful!
500 character limit

Feedback is anonymous.