PW&Co has been financial advisor to the Birmingham Jefferson Civic Center Authority (“BJCC”) for more than two decades. PW&Co has advised the authority on new money and refunding bond issues and helped it plan for major capital improvements. The most recent financing, an $8 million bank term loan secured by taxes, will fund most of the BJCC’s contribution to the construction and equipping of a new Westin Hotel and adjacent entertainment center.
PW&Co assisted the Authority in negotiating a development agreement with the City of Birmingham, which is paying for a major portion of the new improvements, and with structuring a debt issue in the face of financial problems of Jefferson County that raised questions about the credit of the BJCC. Answering these questions was an important part of our assignment in bringing this important financing to market.