By Stephen Nakrosis
The Maryland Economic Development Corporation is offering $52.8 million of revenue bonds to support construction of a new recreational sports facility in the Town of Elkton.
Proceeds from the Recreational Facilities Revenue Bonds Series 2024 will fund the Southfields Sports Park Complex in Elkton, which is located about 57 miles from Philadelphia. The 43-acre facility will consist of seven fields, a building containing offices, concessions and a restaurant and bar, parking, along with green spaces and trails, according to documents posted Wednesday on MuniOS.
Pricing is scheduled for Dec. 19, and the securities are expected to be delivered Dec. 30.
The corporation is planning to sell serial bonds maturing from 2031 through 2033, and four term bonds that mature in 2039 through 2053. Preliminary pricing information wasn't available.
Proceeds from the offering are slated to finance the project's construction costs, which will include roads, lighting and other public infrastructure. Money from the sale will also go to pay issuance costs.
Security for the bonds includes all revenue generated from the project and a ground lease held by the corporation, whose term matches maturity of the debt, according to the roadshow document posted on MuniOS.
The corporation operates under the state's Department of Commerce, with the goal of establishing economic development policy and overseeing department efforts to support creation and retaining of jobs and businesses.
Moody's assigned a Baa1 rating to the bonds.
Mesirow Financial is underwriter on the sale.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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