“But the same investor who was looking to buy the TIF bonds really wants to buy these bonds too, and they have offered … at 6-percent-or-below rates, to enter into what’s called a forward-purchasing agreement, and we thought it was a good idea to get them locked up now,” Daniels said.
The parking bonds will not be sold and start accruing interest until they are needed.
“They were really impressed” with what they saw and heard, Hamilton’s financial adviser, Andy Brossart, said of the unnamed Dallas-based development investment group. “Right away, they said, ‘We’d like to talk about the parking bonds.’”
The parking areas will be managed by the authority.
“We’re happy,” Daniels said. “We got a better rate than we thought we were going to get.”