Title
Issuance of Health Care Facilities Revenue Bonds (Mayo Clinic), Series 2022 (Resolution 22009)
Description
Requests City Council approval for the issuance of Health Care Facilities Revenue Bonds (Mayo Clinic), Series 2022, to be issued in one or more tax-exempt or taxable series in an aggregate principal amount not to exceed $300,000,000.
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 $300,000,000 of Health Care Facilities Revenue Bonds (the "Revenue Bonds") for use by Mayo Clinic Arizona (the "Borrower"), an Arizona nonprofit corporation, to
a) finance, and/or refinance, as applicable, all or a portion of the construction, improvement, and equipping of multiple health care-related facilities in support of expansion of medical services, research, and education in Phoenix, Arizona, and
b) pay certain costs related to 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 March 17, 2022.
Location
The Project is located at or near 5777 E. Mayo Blvd., Phoenix, AZ.
Council District: 2
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.