Title
***REVISED ITEM (SEE ATTACHED MEMO)*** Issuance of Lease Revenue Refunding Bonds (Rowan University Project), Series 2022 (Ordinance S-45989)
Description
Request City Council approval for the issuance of Lease Revenue Refunding Bonds (Rowan University Project), Series 2022, to be issued in one or more taxable series in an aggregate principal amount not to exceed $200,000,000.
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 (the "Phoenix IDA)" has previously resolved to issue up to $200,000,000 of Lease Revenue Refunding Bonds (the "Revenue Bonds") for use by MACQ - New Jersey I, LLC (the "Borrower"), a Delaware limited liability company, to:
- Currently refund (and refinance) outstanding Series 2012 bonds issued for the benefit of Rowan University, a public institution of higher education within the New Jersey system of higher education, to refinance the costs of (a) an 884-bed student housing facility, (b) a 280-bed student housing facility with 8,100 square feet of administrative office space housing Rowan University's Honors Program, and (c) a 36,000 square foot university bookstore, and;
- 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 Aug. 8, 2019.
Location
The Project is located in the Borough of Glassboro, New Jersey.
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.