Bond Buyer Recognizes $224 Million Allentown Revitalization Deal Worked On By Saul Ewing Public Finance Attorneys
A $224 million tax revenue bond transaction which was worked on by Saul Ewing LLP’s Public Finance Practice to help revitalize downtown Allentown, Pennsylvania has been named a Northeast Region Winner in The Bond Buyer’s 2013 Deal of the Year Awards.
George T. Magnatta, chair of the Public Finance Practice, along with Joshua S. Pasker and Michael C. Barnes, both associates in the practice, were co-bond counsel for the deal. Their work also included drafting legislation that made the structuring of the deal possible. This novel legislation created a strong security package for the debt.
As a first step in the revitalization, the proceeds of the bonds were used for economic development including the development and construction of a multipurpose sports and entertainment facility in the city of Allentown, parking facilities and supporting infrastructure. This intercity development has been a catalyst for the rebirth of what had been an economically challenged area of Allentown.
The legislation has been so successful in Allentown that governments in other economically distressed areas of Pennsylvania are using it as a legislative model.
The deal was one of two recognized in the Northeast region. It will vie with deals in seven other categories for the 2013 Deal of the Year Award during a ceremony on December 5, 2013 at the Waldorf-Astoria in New York, N.Y.
Click here to view The Bond Buyer’s video highlighting the Allentown revitalization deal.