Maritime Park Bonds Sell Out in 30 Hours

PRESS RELEASE – When the City of Pensacola put the Community Maritime Park bonds for sale on December 9, it took only 30 hours for over $45 million to be bought. Wachovia Bank purchased the majority of the bonds while Wells Fargo bought much of the remainder.

Pensacola is expected to close on the bond sale on Dec. 21.

“On Dec. 21, the funds should be almost immediately available for us to spend,” commented Pensacola City Manager Al Coby.

The Vince Whibbs Sr. Community Maritime Park is a public/private venture. The park features three main components: a state-of-the-art Maritime Museum for continuing education and to highlight Pensacola’s great maritime history, a wharf complete with several dining, shopping and entertainment options, and a 3,500 – 4,500 multi-purpose stadium, where numerous events will take place including playing the home of the Pelicans. The southern most end of the project will be an open green space directly on beautiful Pensacola Bay with free access to the public.

“With how quickly the bonds sold out, that shows us that the citizens who voted for the park are ready for progress and positive change in Pensacola,” said Pelicans owner Quint Studer. “This park will be a catalyst of improvements including bringing some much needed jobs back to Pensacola.”

The Pelicans are targeted to open up their 2011 season in the new park, their 10th season as a professional franchise.

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Filed under Design & Construction, Money & Financials, Stadium Issues

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