|
Title:
|
Issuance of Multifamily Housing Revenue Notes (Helen Drake Village Project), Series 2025 (Resolution 22344) - District 5
|
Title
Issuance of Multifamily Housing Revenue Notes (Helen Drake Village Project), Series 2025 (Resolution 22344) - District 5
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Notes (Helen Drake Village Project), Series 2025, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $20,000,000.
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 $20,000,000 of Multifamily Housing Revenue Notes (the “Notes”) for use by Richman Helen Drake Village, LLC, a Delaware limited liability company (the “Borrower”), to finance and/or refinance, as applicable, all or a portion of the cost of:
The acquisition, construction, development, improvement, equipping, and/or operating of a multifamily residential rental housing community to be known as “Helen Drake Village” (including improvements and facilities functionally related and subordinate thereto) expected to be comprised of approximately 80 units (all or a portion of which will be set aside for occupancy by low- to moderate-income senior tenants) to be situated on approximately two acres of land leased to the Borrower by the City of Phoenix, (collectively, the “Facility”);
Funding any required reserve funds;
Paying capitalized interest on the Notes, if any; and
Paying costs and expenses incurred in connection with the issuance of such Notes (collectively, the “Project”).
The issuance of the Notes 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 Revenue Notes at its meeting held on October 16, 2025.
Location
The Facility is generally located at or near 7606 N. 27th Avenue in 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 Deputy City Manager Ginger Spencer.