|
Title:
|
Issuance of Senior Rental Housing Revenue Refunding Bonds (Christian Care Surprise, Inc. Project), Series 2025 (Resolution 22292) - Citywide & Out of City
|
Title
Issuance of Senior Rental Housing Revenue Refunding Bonds (Christian Care Surprise, Inc. Project), Series 2025 (Resolution 22292) - Citywide & Out of City
Description
Requests City Council approval for the issuance of Senior Rental Housing Revenue Refunding Bonds (Christian Care Surprise Project), Series 2025, to be issued in one or more taxable and/or tax-exempt series in an aggregate principal amount not to exceed $80,000,000.
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 $80,000,000 of Senior Rental Housing Revenue Refunding Bonds (the Revenue Bonds) for use by Christian Care Surprise, Inc., (the Borrower), an Arizona nonprofit corporation, to:
Finance or refinance the costs of acquisition, construction, improvement, equipping or operation of a senior living facility community, commonly referred to as “Fellowship Square Surprise,” which includes;
Effecting a current refunding of the outstanding 2016 Bonds;
Effect a current refunding of the outstanding 2016 Affiliate Loan;
Funding a debt service reserve fund for the Revenue Bonds; and
Pay certain costs and expenses 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 March 26, 2025.
Location
The Christian Care company is headquartered at 200 W. Dunlap Avenue, Suite 250, in Phoenix, Arizona. The Project is located at or near 16477 W. Bell Road, in Surprise, Arizona. 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.
Council Districts: Citywide and Out of City
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.