City receives "A" bond rating on downtown convention hotel - 19 Action News|Cleveland, OH|News, Weather, Sports

City receives "A" bond rating on downtown convention hotel

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Standard & Poor's Rating Services have given an "A" rating to the City of Evansville Economic Development Revenue Bonds for the downtown convention hotel project.

An "A" rating means the city has "very strong capacity to meet financial commitments," according to Standard & Poor's.

The city secured the bonds using a portion of its food and beverage tax revenues, and a pledge to use the city's share of the County Option Income Tax (COIT).

City Controller, Russell Lloyd, Jr., says the city does not plan to use COIT revenues to cover the debt service on the hotel project.

Instead, the city has identified a combination of food and beverage taxes, riverboat revenues and tax increment financing (TIF) property tax funds.

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