Financial close for Hillman Garage and City Dock PPP Project in Annapolis

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The City of Annapolis and Annapolis Mobility and Resilience Partners (AMRP) have completed the financial close for the Hillman Garage and City Dock public-private partnership (PPP) project in Annapolis, Maryland, USA.

The concessionaire of the project, Maryland Economic Development Corporation (MEDCO), is responsible for handling bond sales, collecting revenues and making payments on the debt financing, construction contracts, garage operation and maintenance (O&M). 

Banking holding Morgan Stanley signed tax-free Series A bonds that were sold to investment houses T. Rowe Price, Nuveen, Franklin Funds, MacKay Shields, and JP Morgan Investment.

Hillman Garage and City Dock PPP Project involves the re-development of the existing Hillman Garage and the renovation of the City Dock in downtown Annapolis. The construction works for the Noah Hillman Garage began in May 2022, and continue on schedule. The completion is expected in June 2023. The City Dock construction will begin in Fall 2023 and is expected to take around 18 months. 

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