City of Garden City, Kansas

In December 2014, the City of Garden City, Kansas established the Garden City STAR Bond District, which allows incremental sales taxes generated within the District to be used to finance projects that are approved by the State. The City wanted to bring additional recreation activities to their City through the use of STAR Bonds. The City evaluated several options and decided to utilize a portion of the STAR bond allocation to help finance a portion of the costs a multi-sport complex with an indoor trampoline park.

The Solution

Crews was able to work with City of Garden City to issue their first ever STAR bond and provide funds for the approved projects. The City’s goal was to have the STAR bonds privately placed with sophisticated investors. Our firm acted as placement agent and was able to locate financial institutions to purchase the 20-year, fixed rate, non-rated tax-exempt bonds at a very attractive rate. The bonds were secured solely by the incremental sales taxes generated within the District.

The Difference

Crews worked hard to serve our client in extraordinary ways by:

  1. Completing the financing to meet the City’s timeline
  2. Privately placed the bonds at the City’s request
  3. Providing flexible redemption provisions and bond covenants
  4. Obtained a very attractive rate compared to similar credits