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Title:
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Issuance of Multifamily Housing Revenue Bonds (Memorial Towers Project) (Resolution 22264) - District 8
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Title
Issuance of Multifamily Housing Revenue Bonds (Memorial Towers Project) (Resolution 22264) - District 8
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Bonds (Memorial Towers Project), Series 2024A and Subordinate Multifamily Housing Revenue Bonds (Memorial Towers Project), Series 2024B, to be issued in one or more tax-exempt and/or taxable, senior and/or subordinate series, in an aggregate principal amount not to exceed $34,000,000.
Report
Summary
Request City Council adoption of a Resolution (Attachment A) 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 $34,000,000 of (i) its Multifamily Housing Revenue Bonds (Memorial Towers Project), in one or more tax-exempt and/or taxable senior series (the “Senior Bonds”) and (ii) its Multifamily Housing Revenue Bonds (Memorial Towers Project), in one or more tax-exempt and/or taxable subordinate series (the “Subordinate Bonds” and collectively with the Senior Bonds, the “Revenue Bonds”) for use by Memorial Towers (TC2) Senior Housing Limited Partnership, an Arizona limited partnership (collectively with its assignees and designees, the “Borrower”), to finance, and/or refinance, as applicable, all or a portion of the costs of:
The acquisition, rehabilitation, construction, development, improvement, equipping and/or operating of a multifamily residential rental housing community expected to be comprised of approximately 153 units in Phoenix, Arizona, and;
Funding any required reserve funds, paying capitalized interest on the Revenue Bonds, if any, and paying certain costs and expenses incurred in connection with 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 October 28, 2024.
Location
The Project is located at or near 1405 S. 7th Avenue in Phoenix, AZ.
Council District: 8
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.