Title
Issuance of Multifamily Housing Revenue Bonds (Salamanca Square Project), Series 2026 (Resolution 22369) - District 5
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Bonds (Salamanca Square Project) Series 2026, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $50,000,000.
Report
Summary
Request City Council adoption of a resolution (Attachment A) granting approval the proceedings under which The Industrial Development Authority of the City of Phoenix, Arizona (the “Phoenix IDA”) has previously resolved to issue up to $50,000,000 of its Multifamily Housing Revenue Bonds (Salamanca Square Project) Series 2026, in one or more tax-exempt and/or taxable series (the “Bonds”) for use by UMOM Housing 11, LLC, an Arizona limited liability company (collectively 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 multifamily residential rental housing project (including improvements and facilities functionally related and subordinate thereto) expected to be comprised of approximately 192 units of housing (all or a portion of which will be set aside for occupancy by low- to moderate-income tenants) situated on approximately 5.543 acres of land to be leased to the Borrower by an affiliate of the Authority located in Phoenix, Arizona (collectively, the “Facility”) 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 issuance of such Bonds (collectively, the “Project”), all in accordance with the Act.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Bonds at its meeting held on March 19, 2026.
Location
The Facility is located at or near 4439 North 39th Avenue, Phoenix, Arizona.
Council District: 5
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.