On Tuesday, June 26, 2017, the City of Suwanee's Urban Redevelopment Agency issued approximately $21.4 million in bonds at an all-in true 3.31 percent interest rate for urban redevelopment projects such as parks, transportation, and administrative facilities. The primary project associated with these bonds will be the development of a large, 25-acre extension of Town Center Park.

The City of Suwanee recently received a AAA long-term bond rating from Standard & Poor's Global Ratings, allowing the city to undertake a series of planned projects sooner, rather than later. The city is leveraging an excellent bond rating while rates are at near-historic lows to begin projects, rather than wait for construction costs to escalate.

"With this AAA rating and bond issuance, we are able to access capital while also enjoying low interest rates," said Suwanee City Manager Marty Allen. "We are leveraging the recently-approved SPLOST money we will receive over the next six years to implement long-standing projects that we are ready to begin today."

Due to the structure of the bond, the city does not anticipate a property tax or mileage rate increase in relation to the issuance of these bonds.

"Construction rates are currently rising faster than interest rates. It just makes sense," said Suwanee Mayor Jimmy Burnette.

The series 2017 bond proceeds will finance the costs associated with projects identified in the 2017 Urban Redevelopment Plan Update, including public parks and quality-of-life amenities and transportation improvements made to Town Center.

"The community wants more of Town Center Park; we're developing ways to make that happen," Brunette said.

For more information, please contact Suwanee Finance Director Amie Sakmar at 770-904-2797 or asakmar@suwanee.com.