Title
Adoption of Resolution Approving the Issuance of Multifamily Housing Revenue Notes (Harmony at the Park Two Project) for Purposes of Arizona Revised Statutes, Section 35-721(B) (Resolution 22012)
Description
Requests City Council adoption of Resolution 22012 approving the issuance of Multifamily Housing Revenue Notes (Harmony at the Park Two Project), Series 2022, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $25,000,000, solely for the purposes of complying with the Arizona Revised Statutes, section 35-721(B).
Report
Summary
On November 3, 2021, the City Council adopted Resolution 21976 granting approval of the proceedings under which The Industrial Development Authority of the City of Phoenix, AZ. (the "Phoenix IDA") had resolved to issue up to $20,000,000 of Multifamily Housing Revenue Notes (the "Revenue Notes") as required by A.R.S. 35-721(B). The proceeds from the sale of the Revenue Notes are to used by Harmony at the Park Two, LLC (the "Borrower"), an Arizona limited liability company, to
a) finance or refinance, as applicable, all or a portion of the acquisition, construction, improvement, equipping, or operation of a multifamily residential rental housing facility in Phoenix, Arizona, and
b) pay certain costs related to the issuance of the Revenue Notes.
Resolution 21976 approved the proceedings of the Phoenix IDA under which the Revenue Notes were to be issued. On March 17, 2022, the Phoenix IDA adopted a resolution amending such proceedings to reflect, among other things, an increase to the not to exceed aggregate principal amount of the Notes, from an aggregate principal amount of not to exceed $20,000,000 to an aggregate principal amount of not to exceed $25,000,000.
Because Resolution 21976 did not reflect the Phoenix IDA's subsequent proceedings, a new approval of the plan of financing and issuance of the Revenue Notes is requested by adoption of Resolution 22012.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Notes at its meeting held on October 14, 2021 and March 17, 2022.
The Phoenix City Council approved Resolution 21976 at its November 3, 2021 Formal Meeting.
Location
The Project is located at or near 600 N. 20th St. in Phoenix, AZ.
Council District: 8
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.