Title
Issuance of Multifamily Housing Revenue Bonds (Bret Tarver Terrace Project), Series 2023 (Resolution 22136)
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Bonds (Bret Tarver Terrace Project), Series 2023, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $20,000,000.
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 $20,000,000 of Multifamily Housing Revenue Bonds (the “Revenue Bonds”) for use by UMOM Housing 9, LLC (the “Borrower”), an Arizona limited liability company, to:
a.) finance, and/or refinance, as applicable, the acquisition, construction, development, improvement, equipping and/or operation of a multifamily residential rental housing community to be comprised of 96 units in Phoenix, Arizona, and
b.) pay certain costs related to the issuance of the Revenue Bonds.
Contract Term
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds at its meeting held on May 18, 2023.
Location
The Project is located at or near 3101 W. McDowell Road.
Council District: 4
With the exception of certain housing bonds/notes, the Phoenix IDA can finance projects located anywhere in Arizona. In addition, the Phoenix IDA may issue bonds/notes 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 Deputy City Manager Ginger Spencer.