Title
Issuance of Lease Revenue Bonds (Mayo/Brooks Rehabilitation Facility Project), Series 2024 (Resolution 22242)
Description
Request City Council approval for the issuance of Lease Revenue Bonds (Mayo/Brooks Rehabilitation Facility Project), Series 2024, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $125,000,000.
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 $125,000,000 of Lease Revenue Bonds (the “Revenue Bonds”), Series 2024 for use by PAFAF I Phoenix LLC (the “Borrower”), a Delaware limited liability company, to:
(a) Finance, refinance and/or reimburse a portion of the cost of the development, acquisition, construction and equipping of a 60-bed healthcare facility (the "Facility");
(b) Fund reserves for capitalized interest, working capital and debt service, as required; and
(c) pay costs of issuance and other related transaction costs in connection with the issuance of the Bonds.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds at its meeting held on August 15, 2024.
Location
The Facility is to be located on the Discovery Oasis Campus on the west side of 64th Street, approximately one quarter mile south of the Mayo Boulevard and 64th Street intersection in Phoenix, AZ.
Council District: 2
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.