Title
Issuance of Economic Development Revenue Bonds (All Sports Village, Inc. Project), Series 2021 (Resolution 21974)
Description
Requests City Council approval for the issuance of Economic Development Revenue Bonds (All Sports Village, Inc. Project), Series 2021, to be issued in one or more tax-exempt or taxable series in an aggregate principal amount not to exceed $200,000,000.
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 $200,000,000 of Economic Development Revenue Bonds (the “Revenue Bonds”) for use by All Sports Village, Inc. (the “Borrower”), a Connecticut not-for-profit corporation, to
a) finance, and/or refinance, as applicable, a portion of the acquisition, construction, renovation, improvement, equipping, and operation of a state of the art, premier family multi-sports park facility and entertainment complex in Windsor Locks, Connecticut, 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 October 14, 2021.
Location
The Project is located at or near the northeast corner of the intersection of Old County Road and Connecticut Highway 20 in Windsor Locks, Connecticut.
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.