Title
Issuance of Student Housing Revenue and Refunding Revenue Bonds (Downtown Phoenix Student Housing, LLC - Arizona State University Project) (Resolution 21617)
Description
Request City Council approval for the issuance of Student Housing Revenue and Refunding Revenue Bonds (Downtown Phoenix Student Housing, LLC - Arizona State University Project), Series 2018, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $130,000,000.
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, AZ., (the "Phoenix IDA") has previously resolved to issue up to $130,000,000 of Student Housing Revenue and Refunding Revenue Bonds (the "Revenue Bonds") for use by Downtown Phoenix Student Housing, LLC (the "Borrower"), an Arizona nonprofit corporation, to:
a) refinance a portion of the acquisition, construction, furnishing, and equipping of an approximately 1,284-bed student housing facility and related facilities (known as Taylor Place) located on the Downtown Phoenix campus of Arizona State University, 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 Feb. 15, 2018.
Location
The Project is located at 120 E. Taylor St.
Council District: 7
Department
Responsible Department
This item is submitted by Assistant City Manager Milton Dohoney, Jr.