|
Title:
|
Approval of Proceedings Regarding Issuance of Multifamily Housing Revenue Bonds (The Cypress at South Mountain Project), Series 2026 by the Industrial Development Authority of the City of Phoenix (Resolution 22408) - District 8
|
Title
Approval of Proceedings Regarding Issuance of Multifamily Housing Revenue Bonds (The Cypress at South Mountain Project), Series 2026 by the Industrial Development Authority of the City of Phoenix (Resolution 22408) - District 8
Description
Requests City Council approval of proceedings regarding the issuance of Multifamily Housing Revenue Bonds (The Cypress at South Mountain Project) Series 2026 by the Industrial Development Authority of the City of Phoenix, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $30,000,000.
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, Arizona (the “Phoenix IDA”) has previously resolved to issue up to $30,000,000 of its Multifamily Housing Revenue Bonds (The Cypress at South Mountain Project) Series 2026, in one or more tax-exempt and/or taxable series (the “Bonds”) for use by Roeser 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, development, improvement, equipping and/or operating of a qualified residential rental facility (including improvements and facilities functionally related and subordinate thereto), expected to be comprised of approximately 112 units of housing (all or a portion of which will be set aside for individuals with an average of 60% of the area median income) to be situated on approximately 7.75 acres of land; and
Funding any required reserve funds, paying capitalized interest on the Bonds, if any, and paying fees, expenses and costs incurred in connection with the authorization, issuance, and sale of the Bonds (collectively, the “Project”), all in accordance with the Act.
2. The issuance of the Bonds and 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 Bonds at its meeting held on October 15, 2026.
Location
The Project is generally located at or near 1230 and 1246 E. Roeser Road, in Phoenix, AZ.
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 Assistant City Manager Ginger Spencer and the City Manager's Office.