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Title:
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Issuance of Educational Facilities Revenue Bonds (SSS Academy Project) (Resolution 22335) - District 2
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Title
Issuance of Educational Facilities Revenue Bonds (SSS Academy Project) (Resolution 22335) - District 2
Description
Requests City Council approval of Educational Facilities Revenue Bonds (SSS Academy Project), to be issued in one or more separate taxable or tax-exempt series and subseries, in an aggregate principal amount not to exceed $150,000,000.
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 $150,000,000 of Educational Facilities Revenue Bonds (SSS Academy Project) (the “Bonds”) for use by SSS Academy (the “Borrower”), an Arizona nonprofit corporation, to finance and/or refinance, as applicable, all or a portion of the costs of:
The acquisition, construction, completion and equipping of arena facility improvements, to be used as educational facilities by the Borrower (the “Facilities”).
Funding a debt service reserve fund.
Funding working capital and capitalized interest on the Bonds.
Paying certain costs of issuance of the Bonds (collectively, the “Project”).
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Bonds at its meeting held on October 7, 2025.
Location
The Facility is to be located at 2727 West Bronco Butte Trail, Phoenix, AZ.
Council District: 2
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.