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Bridgeport to bargain hunt on bonds

Oak & Eden to expand bottling, distribution

The city of Bridgeport could save around $330,000 by refunding a pair of bonds later this month, hoping to capitalize on favorable market rates.

Council members Monday night voted 4-0 to adopt an ordinance authorizing PFM director Blake Roberts, Bridgeport’s financial adviser, to go out into the market April 22 and solicit bids to refinance the bonds.

The city will look to refund a 2012 tax exempt bond with $1.8 million outstanding that matures in 2031 to save around $150,000. Additionally, the city will look to refund a taxable bond with $4.8 million outstanding that expires in 2032 to save $180,000.

Roberts said he would set minimum requirements for savings that would include a refinancing that achieves at least 3 percent of present value savings and a maximum interest rate of 5 percent.

“The authorization this evening would authorize Chester [Nolen] or [city finance director] Lindsey [Fox] to work with us to go out into the market in a few weeks and solicit bids on a competitive basis,” Roberts said. “If the bids meet the parameters, we say, ‘great’ take the savings and lock those in. If the bids don’t meet the parameters, we don’t accept the bid and move on down the road.”

In other business, the city council approved Bridgeport Mayor Randy Singleton to complete the purchase of 21 acres of land from the Bridgeport EDC. The purchase was authorized by the council in October, but the title company requested a specific resolution to authorize Singleton to execute the necessary closing documents.

The Bridgeport EDC was busy at City Hall Monday night.

After emerging from closed session, council member Kathy Kennedy, while vowing her commitment to transparency, announced that the council discussed the expansion of James Joseph Sanctified Spirits in Bridgeport.

Council members unanimously approved an economic development performance agreement for the spirits company

James Joseph Sanctified Spirits owns and operates the whiskey company, Oak & Eden, which recently opened a flagship location as well as a bottling location on Halsell Street.

To meet rapidly mounting demand, Oak & Eden plans to expand its bottling and distribution to a 10,000 square foot building located at 212 Lake Road in Bridgeport.

Bridgeport Economic Development Director Leah Clark said the performance agreement includes refunding up to $150,000 for equipment at the bottling facility. The 10-year agreement outlines that James Joseph Sanctified Spirits would have to hire 12 additional employees in the next two years.

“They’ve really made Bridgeport their home,” Clark said.

As Oak & Eden expands to new states and markets across the country, the company expects to increase production to a total of 1.36 million bottles in the next two years. Clark said Oak & Eden’s goal is to produce 360,000 next year and 1 million in 2023 as it expands to all 50 states.

Clark said Oak & Eden’s continued expansion will not only create jobs, but also, draw in tourism dollars as people look to see where the nationally known and critically renowned product comes from.

“It’s really exciting. We want to create more jobs here. The EDC’s sole purpose is creating jobs,” Clark said. “That generates more revenue from people moving here and living their life in Bridgeport. But from a tourism standpoint, it’s really exciting… People have already come from as far from California to see Oak & Eden’s flagship. That will only continue as they grow.”

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