Ocean City Boardwalk

The Town of Ocean City is located on the eastern shore of Maryland in Wicomico County. The Town, which stretches across 10 miles of beach, is a mid-Atlantic vacation destination with over 7,000 permanent residents and an estimated 300,000 seasonal visitors. The Town’s strong financial profile, budgetary flexibility, and strong management and fiscal policies provide the basis for its AA/Aa2/AA+ general obligation credit ratings.

$2,202,049
Ocean City, Maryland
Equipment Lease Financing
(Boardwalk Access Control Project)
Wye River Group Served as JCDS’ Independent Financial Advisor for this Transaction.

Project Overview

Wye River Group served as the Town’s independent financial advisor in connection with the financing of Phase 2 of its Boardwalk Access Control Project. The Project is comprised of the acquisition of vehicle speed barriers, including bollard systems and lift gates, to be constructed at various points along the Town’s three-mile long boardwalk.

Financing Overview

The Town’s transaction was structured as a non-rated, tax-exempt, lease/purchase financing, the repayment of which is subject to annual appropriation. Through a competitive solicitation process, the Town received four financing proposals from local, regional and national banks, ultimately selecting Bank of America as its preferred lending partner.  The financing closed in March 2019 at a competitive fixed rate for the 10-year term of the financing equal to 2.83%.

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