Project

In October 2024, the Bond Bank issued $77.290 million in bonds payable from revenues of the Consolidated Redevelopment Allocation Area for the principal purpose of providing funds to:  finance the acquisition, planning, design, construction, inspection, equipping, and improvement of the city drainage system, stormwater control, utilities, roads, streets, bridges, streetscapes, landscaping, and any projects related to the improvement all of which are to be located on real estate generally located at or near East Washington Street, Market Street (Capitol Avenue to Illinois Street), Market Street (Pennsylvania Street to Delaware Street), Illinois Street and Capital Avenue underpasses, East Henry Street, Maryland Avenue/Alabama Street Realignment, South Capital Avenue, 10th Street and Lewis Street, Georgia Street, Virginia Avenue/Delaware Avenue realignment, which are all located in the Allocation Area (the “Project”); and provide a current refunding of the outstanding 2014A bonds (Mass Avenue Project), 2014C Bonds (Market Square Arena Project), and 2014D bonds (Pulliam Square and Millikan-on-Mass Project). The As a result of the refunding, the Bond Bank and City realized Net PV Savings of $3,263,750 or 8.6%.  S&P and Fitch assigned ratings of AA- and AA respectively.