The City of Centerville had long considered the construction of a new Fire Station to serve its citizens. After careful consideration, the City decided to move forward in the summer of 2020 and chose to finance the project through GMA’s Bricks & Mortar Financing Program.
After an initial conference call, GMA engaged legal counsel to work with the City to set a transaction calendar and obtain all related council resolutions. Within 4 weeks of the expected close date, GMA issued the Project RFP to 11 institutions and received strong feedback. As the Covid-19 pandemic disrupted financial markets in the spring of 2020, it was critical to issue the Request to a wide group of banks to ensure the best possible execution. After reviewing proposals, the City selected a strong regional institution that maintains a local presence. And as the proposed interest rate was materially lower than what was originally projected, the City was able to shorten the term of the transaction resulting in material interest expense savings. All parties then worked to finalize the documentation and successfully close the transaction.