Title
Issuance of Multifamily Housing Revenue Bonds (La Palmilla Apartments Project), Series 2017 (Resolution 21533)
Description
This report requests City Council approval for the issuance of Multifamily Housing Revenue Bonds (La Palmilla Apartments Project), Series 2017, to be issued in one or more tax-exempt and/or taxable senior and subordinate series in an aggregate principal amount not to exceed $18,500,000.
Report
Summary
Staff requests 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 $18,500,000 of Multifamily Housing Revenue Bonds (the "Revenue Bonds") for use by Reliant La Palmilla, LLC (the "Borrower"), a Delaware limited liability company, to:
a) finance acquisition, rehabilitation, improvement, equipping, and operation of a multifamily housing complex (the "Project"), 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 13, 2017.
Location
The facilities are located at 3838 W. Camelback Road.
Department
Responsible Department
This item is submitted by Deputy City Manager Paul Blue.