Mayo-Underwood State Office Building
In 2019, the Commonwealth of Kentucky officially opened its newest government office building, the Mayo-Underwood Building. Located on Mero Street in Frankfort, KY, at the site of the former Capital Plaza Office Tower, which was imploded in 2018 as part of the preliminary site preparation for the project, the new modern 5-story building utilizes an environmentally friendly, energy-efficient and employee-centric design. At over 385,000 square feet, it allowed the Commonwealth to consolidate 23 prior office locations and provide state-of-the-art office space for a total of approximately 1,500 employees from several different state agencies. The project also included an adjacent parking garage with nearly 1,100 spaces, and surface parking for well over 100 additional vehicles.
The Commonwealth of Kentucky procured the service of CRM/D.W. Wilburn (the “Company”) through a Public Private Partnership (“P3”) solicitation to design, build, operate and maintain the facility utilizing a Certificate of Participation (“COP”) style financing with the state Finance and Administration Cabinet (“FAC”) as the Lessee.
When CE was a registered Municipal Advisor at the time, we served as the financial advisor to the Company and provided detailed structuring and credit advice to both the Company and the COP underwriter during the procurement process, as well as during the financing phase. CE was instrumental in facilitating communications with various departments of the FAC to ensure that the P3 development met the goals and objectives of the Commonwealth.
Power in Numbers