Title
Issuance of Multifamily Housing Revenue Bonds (Nineteen Apartments Project), Series 2019 (Resolution 21724)
Description
Request City Council approval for the issuance of Multifamily Housing Revenue Bonds (Nineteen Apartments Project), Series 2019, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $18,000,000.
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, Ariz., (the "Phoenix IDA") has previously resolved to issue up to $18,000,000 of Multifamily Housing Revenue Bonds (the "Revenue Bonds") for use by 19 Apartments LIHTC, LP (the "Borrower"), an Arizona limited partnership to,
a) finance or refinance, as applicable, acquisition, contruction, improvement, equipment, and operation of land and buildings used as a multifamily residential rental facility in Phoenix, Arizona; 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 meeeting held on February 20, 2019.
Location
The Project is located at 4802 N. 19th Ave.
Council District: 4
Department
Responsible Department
This item is submitted by Assistant City Manager Milton Dohoney, Jr.