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Title:
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Issuance of Hotel Revenue Bonds (SSS Academy Hotel Project), Series 2025 (Resolution 22336) - District 2
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Title
Issuance of Hotel Revenue Bonds (SSS Academy Hotel Project), Series 2025 (Resolution 22336) - District 2
Description
Requests City Council approval of Hotel Revenue Bonds (SSS Academy Hotel Project), Series 2025, to be issued in one or more separate series and subseries, on a taxable basis, 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 up to $25,000,000 of Hotel Revenue Bonds (the “Bonds”) for use by Fire N Ice Sports, LLC (the “Borrower”), an Arizona limited liability company, for purposes of:
Financing or refinancing the costs of existing facility improvements completed to date (the “Facility”).
Financing, refinancing and/or reimbursing the cost of existing construction material inventory purchased to date for the Facility.
Financing, refinancing and/or reimbursing the cost of completing construction and equipping of the Facility.
Funding reserves for capitalized interest, working capital and debt service, as required.
Paying costs of issuance and other related transaction costs in connection with the issuance of the Bonds (collectively, the “Project”).
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Bonds at its meeting held on October 7, 2025.
Location
The Facility is to be located at 2775 West Bronco Butte Trail, Phoenix, AZ.
Council District: 2
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.