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Title:
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Issuance of Multifamily Housing Revenue Notes - Mesquite Terrace Apartments Project - Series 2021 (Resolution 21905)
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Title
Issuance of Multifamily Housing Revenue Notes - Mesquite Terrace Apartments Project - Series 2021 (Resolution 21905)
Description
Request City Council approval for the issuance of Multifamily Housing Revenue Notes for the Mesquite Terrace Apartments Project, Series 2021, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $48 million.
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 (Phoenix IDA) has previously resolved to issue up to $48 million of Multifamily Housing Revenue Notes (Revenue Notes) for use by Mesquite Terrace Apartments, LLC (Borrower), an Arizona limited liability company, to:
Finance and/or refinance, as applicable, acquisition, construction, development, improvement, equipping, and/or operation of a multifamily residential rental housing facility in Phoenix, Ariz.; and
Pay certain costs related to the issuance of the Revenue Notes.
Concurrence/Previous Council Action
The Phoenix IDA Board previously resolved to issue the Revenue Notes at its meeting held on Feb. 26, 2021.
Location
The Project is located at or near 5033, 5039, 5045, and 5107 N. 19th Ave. in Phoenix, Ariz.
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 Interim Deputy City Manager John Chan.