Title
Issuance of Community Development Revenue Bonds (CPLC PM Redevelopment Project), Series 2021 (Resolution 21952)
Description
Request City Council approval for the issuance of Community Development Revenue Bonds (CPLC PM Redevelopment Project), Series 2021, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $50,000,000.
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 (Phoenix IDA) has previously resolved to issue up to $50,000,000 of Community Development Revenue Bonds (the "Revenue Bonds") for use by CPLC PM Redevelopment, LLC (the "Borrower"), an Arizona limited liability company to:
a) finance, refinance, or reimburse acquisition, renovation, improvement, and equipping of a facility providing medical services in Phoenix, Arizona, and
b) pay certain costs related to the issuance of the Revenue Bonds.
Concurrence/Previous Council Action
The Phoenix IDA Board previously resolved to issue the Revenue Bonds at its meeting held on Aug. 6, 2021.
Location
The Project is located at or near 1201 and 1301 S. 7th Ave., and 515 W. Buckeye Road, in Phoenix, Ariz.
Council District: 8
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.