Title
Issuance of Lease Revenue Bonds (Goodwill of Central and Northern Arizona Project), Series 2019 (Resolution 21785)
Description
Requests City Council approval for the issuance of Lease Revenue Bonds (Goodwill of Central and Northern Arizona Project), Series 2019, to be issued in one or more tax-exempt and or taxable series in an aggregate principal amount not to exceed $25,000,000.
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 $25,000,000 of Lease Revenue Bonds (the “Revenue Bonds”) for use by GW-SLB, LLC (the “Borrower”), an Arizona limited liability company, to:
a) finance acquisition, renovation, improvement, and equipping of land and a building to be operated as a corporate headquarters by Goodwill of Central and Northern Arizona (“Goodwill”);
b) finance acquisition, renovation, improvement, and equipping of land and buildings to be operated by Goodwill as Goodwill Mission Support Centers; and
c) pay certain costs related to the issuance of the Revenue Bonds.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds at its meeting held on Sept. 18, 2019.
Location
The Projects are located at 2626 W. Beryl Ave. in Phoenix, Arizona; District 3, 14063 W. Grand Ave. in Surprise, Arizona; 5263 S. Power Road in Mesa, Arizona; and 1565 W. Happy Valley Road in Phoenix, Arizona, District 1.
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 Assistant City Manager Milton Dohoney, Jr.