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Title:
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Issuance of Multifamily Housing Revenue Bonds (Emory Heights) (Resolution 22298) - District 4
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Title
Issuance of Multifamily Housing Revenue Bonds (Emory Heights) (Resolution 22298) - District 4
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Bonds (Emory Heights), to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $15,000,000.
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 $15,000,000 of its Multifamily Housing Revenue Bonds (Emory Heights), in one or more tax-exempt and/or taxable series (the "Bonds") for use by Phoenix North 17th Avenue LP, an Arizona limited partnership (collectively with its 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 multifamily residential rental housing community expected to be comprised of approximately 62 units in Phoenix, Arizona, (collectively, the "Facility"); and
Funding any required reserve funds, paying capitalized interest on the Bonds, if any, and paying certain costs and expenses incurred in connection with the issuance of such Bonds (collectively, the "Project").
The issuance of the Bonds and the 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 March 20, 2025, as ratified at the meeting of the Phoenix IDA Board held on March 26, 2025.
Location
The Facility is located at or near 5307 and 5245 North 17th Avenue in Phoenix, Arizona.
Council District: 4
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.