Title
Issuance of Education Facility Revenue Bonds (Vista College Prepatory Projects), Series 2018 (Resolution 21657)
Description
Request City Council approval for the issuance of Education Facility Revenue Bonds (Vista College Preparatory Projects), Series 2018, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $12,500,000.
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, Ariz., (the “Phoenix IDA”) has previously resolved to issue up to $12,500,000 of Education Facility Revenue Bonds (the “Revenue Bonds”) for use by Vista College Preparatory, Inc. (the “Borrower”), an Arizona nonprofit corporation, to
a) refinance acquisition, construction, renovation, improvement, and equipping of charter school facilities in Phoenix, Arizona (the “Hadley Campus”),
b) refinance leasing, construction, renovation, improvement, and equipping of charter school facilities in Phoenix, Arizona (the “Maryvale Campus”)
c) finance leasing, construction, improvement, and equipping of land and a building adjacent to the existing Maryvale Campus, and
d) pay certain costs related to the issuance of the Revenue Bonds.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds at its meeting held on June 14, 2018.
Location
The Projects are located at 812 and 902 S. 6th Ave., and 4520 W. McDowell Road (including the land adjacent to this location), all in Phoenix, Arizona.
With the exception of certain housing bonds, the Phoenix IDA can finance projects located anywhere in Arizona. In addition, the Phoenix IDA may issue 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 Milton Dohoney, Jr.