Treasurer’s Office Saves City Millions by Refinancing Parking Debt
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.