Title
Issuance of Lease Revenue Bonds (AGES-SLB, LLC Project), Series 2024 (Resolution 22200)
Description
Requests City Council approval for the issuance of Lease Revenue Bonds (AGES-SLB, LLC Project), Series 2024, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $6,000,000.
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 up to $6,000,000 of Lease Revenue Bonds (the “Revenue Bonds”) in one or more tax-exempt and/or taxable series, the proceeds of which will be loaned to AGES-SLB, LLC (the “Borrower”), an Arizona limited liability company, whose sole member is Community Enhancement Corporation, an Arizona nonprofit corporation and an exempt organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, to:
a.) Finance or refinance, as applicable, the acquisition, construction, improvement, equipping and/or operation of land and building to be leased to and operated by Arizona Goodwill Education Services as an adult charter school in Phoenix, Arizona, and;
b.) 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 April 18, 2024.
Location
The Project is located at or near 4837 E McDowell Road in Phoenix, Arizona.
Council District: 6
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.