Estrada Hinojosa served as Financial Advisor to the Woodall Rodgers Park Foundation for Phase 2.0 of the Klyde Warren Park. The Foundation successfully secured Private, Federal, State and Local grant funding programs for Phase Two. When the construction costs were reported to exceed $100 million, it became evident the approximately $80 million cash and grants secured fell short of the construction budget. The Park’s operating budget has historically been funded by tax levy from the Downtown Public Improvement District. At that time, EH suggested debt financing to cover the construction funding shortfall. Because the Park Deck is to be constructed over a roadway, the project qualifies assistance from The Texas Department of Transportation State Infrastructure Bank loan (SIB) program. The SIB loan program is a subsidized innovative mechanism to assist communities with transportation related projects. We applied to the SIB loan program on behalf of the Foundation. The SIB loan application was successfully approved by TXDOT this month. The gap in funding is now covered at favorable terms, $21,595,000 with an interest rate of 1.93%, over a 10-year term. The Foundation chose to seek an increase in the PID levy from the City and the PID property owners as the SIB loan repayment mechanism.
