Title
Issuance of a Multifamily Revenue Note (The Hacienda at Sunnyslope Apartments Project), Series 2025 (Resolution 22354) - District 3
Description
Requests City Council approval for the issuance of a Multifamily Revenue Note (The Hacienda at Sunnyslope Apartments Project), Series 2025, to be issued in a tax-exempt series, in an aggregate principal amount not to exceed $12,000,000.
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 its Multifamily Revenue Note (The Hacienda at Sunnyslope Apartments Project), Series 2025, in an aggregate principal amount not to exceed $12,000,000, in a tax-exempt series (the “Note”), for use by ARH-AZ Partners, LLC, an Arizona limited liability company (together with its successors, assignees and designees, the “Borrower”), to finance, and/or refinance, as applicable, all or a portion of the costs of the acquisition, construction, improvement, rehabilitation, and/or equipping of a multifamily residential rental housing community expected to be comprised of approximately 150 units, all or a portion of which will be set aside for occupancy by low to moderate-income tenants, situated on approximately five acres of real property in Phoenix, Arizona, (collectively, the “Facility”), funding any required reserve funds, paying capitalized interest on the Note, if any, and paying fees, expenses and costs incurred in connection with the authorization, issuance and sale of the Note (collectively, the “Project”), and the plan of financing for the Project, for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Note at its meeting held on December 5, 2025.
Location
The Facility is located at or near 730 West Vogel Avenue, Phoenix, Arizona 85021.
Council District: 3
With the exception of certain housing notes or bonds, the Phoenix IDA can finance projects located anywhere in Arizona. In addition, the Phoenix IDA may issue notes or 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 Assistant City Manager Ginger Spencer.