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Title:
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Issuance of Multifamily Housing Revenue Notes (Glendale Apartments Project), Series 2024 (Resolution 22259) - District 5
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Title
Issuance of Multifamily Housing Revenue Notes (Glendale Apartments Project), Series 2024 (Resolution 22259) - District 5
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Notes (Glendale Apartments Project), Series 2024, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $12,000,000.
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 $12,000,000 of Multifamily Housing Revenue Notes (the “Revenue Notes”) for use by Richman Glendale Senior, LLC (the “Borrower”), a Delaware limited liability company, to:
Finance, and/or refinance, as applicable, all or a portion of the cost of the acquisition, construction, development, improvement, equipping, and/or operating of a multifamily residential rental housing community located in Phoenix, Arizona; and
Funding required reserve funds, paying capitalized interest, and paying certain costs and expenses incurred in connection with the issuance of the Revenue Notes.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Notes at its meeting held on September 19, 2024.
Location
The Project is generally located at 6819 N. 27th Avenue in Phoenix, AZ.
Council District: 5
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.