After getting an Aa2 rating last week by Moody's, Warren County's Industrial Revenue Bonds for completion and refinancing of the wrap of the downtown parking garage sold Wednesday.
The sale of the bonds will be finalized later this month, according to Warren County Judge-Executive Mike Buchanon.
Buchanon said the bond sale took place rather quickly Wednesday.
Most of the $30 million in bonds will be used to refinance existing debt with about $4.5 million going to pay off liens and complete the fit out of existing space.
While the bonds are issued by Warren County, it is the city of Bowling Green that will make up any difference if all other pledged revenue is insufficient.
"The city has agreed to pay sublease payments equal to the annual debt service requirement on the Series 2016 bonds, to the extent the other pledged revenue sources are insufficient," according to Moody's rating report.
According to Moody's the bonds are to be paid off from a combination of sources including: payments to be made by "Manhattan Capital BG LLC (project sub-developer) under a lease agreement with the county; a portion of TIF district's state, county, and city incremental revenues; the city's payments under a general obligation sublease agreement with the sub-developer; and all moneys and investments in certain funds and accounts held in accordance with the terms of the indenture."
Manhattan Capital is owned by Jerry Katzoff. The organization also owns the Bowling Green Hot Rods housed in the adjacent stadium and Mariah's and 6-4-3 Sports Bar, which are part of the wrap now dubbed Stadium Park Plaza.
Katzoff told the Daily News last week that he is working out the final details of bringing a Western Kentucky University bookstore that will contain a Starbucks as well as other tenants for the office space in the wrap. He is in town briefly this week to meet with potential tenants, according to Buchanon.