|
Title:
|
Issuance of Multifamily Housing Revenue Construction/Permanent Note (Wild Rose Flats Project), Series 2025 (Resolution 22314) - District 4
|
Title
Issuance of Multifamily Housing Revenue Construction/Permanent Note (Wild Rose Flats Project), Series 2025 (Resolution 22314) - District 4
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Construction/Permanent Note (Wild Rose Flats Project), Series 2025, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $25,000,000.
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 Housing Revenue Construction/Permanent Note (Wild Rose Flats Project), Series 2025, in an aggregate principal amount not to exceed $25,000,000 (the “Governmental Lender Note”), for use by Wild Rose Owner 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, equipping and/or operating of a qualified residential rental facility (including improvements and facilities functionally related and subordinate thereto), which is expected to be comprised of approximately 72 units (the “Facilities”); and
Funding any required reserve funds, paying capitalized interest on the Governmental Lender Note, if any, and paying the costs of issuance of the Governmental Lender Note (collectively, the “Project”).
The issuance of the Governmental Lender Note 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 Governmental Lender Note at its meeting held on May 28, 2025.
Location
The Facility is located at or near 2911 and 2941 N. 43rd Avenue.
Council District: 4
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.