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Title:
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Issuance of Revenue Bonds (New Freedom Project), and Subordinate Revenue Bonds (New Freedom Project), Series 2026 (Resolution 22386) - Districts 1 & 3
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Title
Issuance of Revenue Bonds (New Freedom Project), and Subordinate Revenue Bonds (New Freedom Project), Series 2026 (Resolution 22386) - Districts 1 & 3
Description
Requests City Council approval of Revenue Bonds (New Freedom Project), and Subordinate Revenue Bonds (New Freedom Project) Series 2026, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $135,000,000.
Report
Summary
Request City Council adoption of a resolution granting approval of:
1) the proceedings under which The Industrial Development Authority of the City of Phoenix, Arizona (the “Phoenix IDA”) has previously resolved to issue up to $135,000,000 of Revenue Bonds and Subordinate Revenue Bonds Series 2026 (the “Bonds”), for use by New Freedom Project, an Arizona nonprofit corporation (“New Freedom”), New Freedom Ops, LLC, a Delaware limited liability company (“Operating Company”), and New Freedom Prop, LLC, an Arizona limited liability company (“Property Company” and, collectively with New Freedom and Operating Company, the “Borrower”), to finance, and/or refinance, as applicable, all or a portion of the costs of:
acquiring (i) the membership interests in, and thereby the assets owned and used by Operating Company, (ii) the land, buildings and related amenities comprising a Program facility (the “Peoria Avenue Facility”), and (iii) the land, buildings and related amenities comprising a Program facility (the “29th Avenue Facility”),
funding any required reserve funds, paying a portion of the interest on the Bonds, providing working capital, and paying fees, expenses and costs incurred in connection with the authorization, issuance, and sale of the Bonds (collectively, the “Project”), all in accordance with the Industrial Development Financing Act, A.R.S.§ 35-701 et seq.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds and Subordinate Revenue Bonds at its meeting held on May 21, 2026.
Location
The 29th Avenue Facility is located at 20221 North 29th Avenue and Peoria Avenue Facility is located at 2532 West Peoria Avenue.
Districts: 1 & 3
Department
Responsible Department
This item is submitted by Assistant City Manager Ginger Spencer and the City Manager's Office.