(Marietta, Ga. – Aug. 25, 2015) In a major SunTrust Park project milestone, Cobb County has received final bids on the $368 million bond issuance (The Cobb-Marietta Coliseum Project Series 2014 Bonds). The original 2013 projection of $24 million in annual debt service has come in at $22.4 million, $1.6 million less than 2013 expectations.
The bonds will close on September 9, 2015. According to James Pehrson, CPA, Director/Comptroller, Cobb County Office of Finance and Economic Development, based on current increases in designated revenue sources, combined with the decrease in annual debt service, it is now anticipated that the original 0.33 millage rate required in the County's general fund can be reduced to 0.234 mills, a 0.096 reduction.
“The SunTrust bond issuance is a major benchmark on the road to SunTrust Park Opening Day in April 2017. I’m very proud of how diligently Cobb County staff has worked to keep this landmark project on time and under budget,” said David Hankerson, Cobb County Manager.