Non-Recourse Debt Update Page Three Calvert Street Parking Garage
In 2005, the MDTA issued $23.785 million Parking Lease Revenue Bonds for Calvert Street Parking Garage Project in Annapolis, Maryland. The employee parking facility is operated by the Maryland Department of General Services (DGS) through an intergovernmental financing agreement. Debt service is funded through state appropriations. MAA Loan The $20 million lending agreement to finance Concourse A improvements was executed on February 10, 2020, with MAA draws permitted through September 30, 2020. Principal and interest payments began on January 15, 2021. Level debt service at a 1.53% make-whole financing rate will be paid through July 15, 2033. The loan may be prepaid at any time. ATTACHMENTS PFC and CRCF Project Tables
Made with FlippingBook Digital Proposal Creator