Title
Issuance of Lease Revenue Refunding and Lease Revenue Bonds (Rowan University Project), Series 2022 (Resolution 22080)
Description
Requests City Council approval for the issuance of Lease Revenue Refunding and Lease Revenue Bonds (Rowan University Project), Series 2022, to be issued in one or more tax-exempt and taxable series in an aggregate principal amount not to exceed $250,000,000.
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, AZ, (the "Phoenix IDA") has previously resolved to issue up to $250,000,000 of Lease Revenue Refunding and Lease Revenue Bonds (the "Revenue Bonds") for use by MACQ - New Jersey I, LLC (the "Borrower"), a Delaware limited liability company, to
a) currently refund outstanding taxable refunding bonds, the proceeds of which were used to refinance acquisition, construction, and equipping of student housing, administrative offices, and a bookstore adjacent to the campus of Rowan University in Glassboro, New Jersey,
b) finance the costs of Rowan University acquiring the project, and
c) pay certain costs related to the overall 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 Oct. 20, 2022.
Location
The Project is located adjacent to Rowan University's main campus located at 201 Mullica Hill Road, in 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 Deputy City Manager Ginger Spencer.