Title
Issuance of Multifamily Housing Revenue Bonds (Foothills Village Apartments Project), Series 2023 (Resolution 22103)
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Bonds (Foothills Village Apartments Project), Series 2023, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $5,000,000.
Report
Summary
Background: On Nov. 30, 2020, the Industrial Development Authority of the City of Phoenix, Arizona (the "Phoenix IDA") issued $15,000,000 of Multifamily Housing Revenue Bonds (the "Revenue Bonds") for use by FVA, LLC (the "Borrower"), an Arizona limited liability company, to
a.) Finance, and/or refinance, as applicable, the acquisition, construction, improvement, equipping and/or operation of a multifamily residential rental housing facility consisting of approximately 200 units in Phoenix, Arizona, and
b.) Pay certain costs related to the issuance of Revenue Bonds.
Current Request: The borrower is seeing to finance additional amenities and improvements to the facility that are beyond the original scope of the transaction financed by the Series 2020 Bonds, as requested by adoption of City Council Resolution.
Concurrence/Previous Council Action
The Phoenix IDA Board previously resolved to issue the Revenue Bonds at its meeting held on Feb. 16, 2023.
Location
The project is located at or near 920 W. Alta Vista Road.
Council District: 7
With the exception of certain housing bonds/notes, the Phoenix IDA can finance projects located anywhere in Arizona. In addition. the Phoenix IDA ma issue bonds/notes to finance projects outside of Arizona, if the out-of-state project provides a benefit with the State.
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.