Title
Issuance of Additional Multifamily Housing Revenue Bonds - Broadway Terrace Apartments Project - Series 2017 (Resolution 21522)
Description
Requests City Council approval for the issuance of a principal amount of $1,000,000 of additional Multifamily Housing Revenue Bonds (Broadway Terrace Apartments Project), Series 2017, originally to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $8,000,000, which when combined with the current $1,000,000, would constitute issuance of such bonds in a combined aggregate principal amount not to exceed $9,000,000.
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, Ariz., (the “Phoenix IDA”) has previously resolved to issue up to $9,000,000 of Multifamily Housing Revenue Bonds (the “Revenue Bonds”) for use by Broadway Terrace, L.P. (the “Borrower”), an Arizona limited partnership, to:
a) finance acquisition, rehabilitation, improvement, and equipping of buildings and land to be used as multifamily housing and related facilities (the “Project”), and
b) to pay certain costs related to the issuance of the Revenue Bonds.
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.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the aggregate amount of $9,000,000 of the Revenue Bonds at its meetings held on Aug. 17, 2016, and March 9, 2017.
City Council adopted a resolution at its Aug. 31, 2016, meeting granting approval of the proceedings under which the Phoenix IDA previously resolved to issue up to $8,000,000 of the Revenue Bonds.
This Project falls within the parameters of the resolution endorsing main elements of the Phoenix IDA’s 2015-2016 plan adopted by the City Council at its Oct. 21, 2015 formal meeting.
Location
The facilities are located at 12815 N. 28th Drive
Department
Responsible Department
This item is submitted by Deputy City Manager Paul Blue.