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ComCap Advisors is currently serving as Financial Advisor to the City of Memphis, TN; Shelby County, TN; and City of Jackson, MS. ComCap Advisors have provided services for the following projects: Jackson (MS) Public School District ~ ComCap Advisors served as the financial advisor to the Jackson Public School District (JPS) on the issuance of $150 million general obligation bonds in a two-part transaction. The bonds were issued to finance capital improvements to existing JPS school buildings and related facilities, as well as provide site acquisition funds for future JPS school buildings. Capital City Convention Center Project (Jackson, Mississippi) ~ ComCap Advisors served as sole financial advisor to the City of Jackson, Mississippi in conjunction with the issuance of $65 million of general obligation bonds to finance the construction and equipping of a 98,000 square feet convention center facility to be located in downtown Jackson. The bonds were additionally secured by a "Convention Tax" comprised of motel/hotel tax and a food/beverage tax.
Shelby County 9-1-1 District ~ ComCap Advisors assisted the Shelby County 9-1-1 District with the development of a financial planning model to determine the District's ability to fund new communications equipment and issue debt to support the construction of a regional 9-1-1 Communications Center to serve Shelby County, the incorporated entities in the County as well as the City of Memphis police, fire and emergency management departments. Based on the results of the analysis, the 9-1-1 District proposed and approved a rate increase to finance the communications facility. Atlanta/Fulton County Recreation Authority ~ ComCap Advisors served as co-financial advisor to the Recreation Authority for the issuance of $75.51 million Park Improvement Revenue Bonds issued to finance the acquisition, construction and equipping of new recreation areas, and the replacement, renovation, upgrading and restoration of existing recreational areas, facilities and amenities owned and operated by the City of Atlanta. Additionally, we assisted the City with the issuance of $12,625,000 Park Improvement Revenue Refunding Bonds which resulted in net present value savings of 4.26% of the refunded bonds. Memphis Center City Commission/Downtown Parking Authority ~ ComCap Advisors was hired by the Downtown Parking Authority to serve as financial advisor in the issuance of taxable municipal revenue bonds to fund the construction of a $7.25 million, 205-space garage to be built in conjunction with Barbaro Flats, a privately developed 92-unit, 4-story apartment building on top of the parking facility. Shortly after the approval of the transaction, capital markets significantly deteriorated and the ability to secure any form of credit either through bond insurance or a letter of credit became no longer possible. Therefore, ComCap Advisors determined that DPA should secure a loan through a local commercial bank. DPA then secured a $5.2 million loan (remaining costs funded via equity), which is being amortized over a seven year period. Construction of the parking garage began in January 2009, and is scheduled to be completed in early 2010. Memphis and Shelby County Sports Authority ~ ComCap Advisors served as co-financial advisor to the Sports Authority in the financing of the new $250 million sports arena for the NBA Memphis Grizzlies. The Authority completed an interest rate swap and realized a significant upfront cash benefit.
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