Title
Issuance of a Multifamily Revenue Note (The Hacienda at Sunnyslope Apartments Project), Series 2026 (Resolution 22390) - District 3
Description
Requests City Council approval for the issuance of a Multifamily Revenue Note (The Hacienda at Sunnyslope Apartments Project), Series 2026, to be issued in a tax-exempt series, in an aggregate principal amount not to exceed $15,000,000.
Report
Summary
Request City Council adoption of a resolution granting approval of:
The proceedings under which The Industrial Development Authority of the City of Phoenix, Arizona (the “Phoenix IDA”) has previously resolved to issue its Multifamily Revenue Note (The Hacienda at Sunnyslope Apartments Project), Series 2026, in an aggregate principal amount not to exceed $15,000,000, in a tax-exempt series (the “Note”), for use by ARH-AZ Partners, LLC, an Arizona limited liability company (together with its successors, assignees and designees, the “Borrower”), to finance, and/or refinance, as applicable, all or a portion of the costs of the acquisition, rehabilitation, construction, development, improvement, equipping and/or operating of a multifamily residential rental housing community expected to be comprised of approximately 150 units, all or a portion of which will be set aside for occupancy by low- to moderate-income tenants, situated on approximately five acres of real property in Phoenix, Arizona (collectively, the “Facility”), funding any required reserve funds, paying capitalized interest on the Note, if any, and paying fees, expenses, and costs incurred in connection with the authorization, issuance, and sale of the Note (collectively, the “2026 Project,” and together with the 2025 Project, the “Project”) (the Authority and Council of the City previously approved the issuance of the 2025 Project Note, and the Authority issued the 2025 Project Note in a principal amount of not to exceed $11,415,197.68); and
The plan of financing for the Project, for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Note at its meeting held on June 18, 2026.
Location
The Facility is located at or near 730 W. Vogel Avenue.
Council District: 3
With the exception of certain housing notes or bonds, the Phoenix IDA can finance projects located anywhere in Arizona. In addition, the Phoenix IDA may issue notes or bonds to finance projects outside of Arizona, if the out-of-state project provides a benefit within the State.
Department
Responsible Department
This item is submitted by Assistant City Manager Ginger Spencer and the City Manager's Office.