Title
Adoption of Resolution Approving the Issuance of Multifamily Housing Revenue Bonds (Residences at Falcon Park Project), for Purposes of Arizona Revised Statutes, Section 35-721(B) (Resolution 22060)
Description
Requests City Council adoption of Resolution 22060 approving the issuance of Multifamily Housing Revenue Bonds (Residences at Falcon Park Project), Series 2022, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $30,000,000, solely for the purposes of complying with Arizona Revised Statutes (A.R.S.), section 35-721(B).
Report
Summary
Background: On July 1, 2022, the City Council adopted Resolution 22047 granting approval of the proceedings under which the Industrial Development Authority of the City of Phoenix, Arizona (the "Phoenix IDA") had resolved to issue up to $25,000,000 of Multifamily Housing Revenue Bonds (the "Revenue Bonds") as required by A.R.S. 35-721(B). The proceeds from the sale of the Revenue Bonds are to be used by Falcon Park, LLC (the "Borrower"), an Arizona limited liability company to
a) finance and/or refinance, as applicable, all or a portion of the acquisition, construction, improvement, equipping, and/or operation of a multifamily residential rental housing facility in Phoenix, Arizona, and
b) pay certain costs related to the issuance of the Revenue Bonds.
Resolution 22047 approved the proceedings of the Phoenix IDA under which the Revenue Bonds were to be issued. On Aug. 18, 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 Bonds, from the aggregate principal amount of $25,000,000 to an aggregate principal amount of not to exceed $30,000,000.
Current Request: Because Resolution 22047 did not reflect the Phoenix IDA's subsequent proceedings, a new approval of the plan of financing and issuance of the Revenue Bonds is requested by adoption of Resolution 22060.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds at its meetings held on June 16, 2022 and Aug. 18, 2022.
Location
The Project is located at or near 1220 N. 34th Ave. in Phoenix, Arizona.
Council District: 4
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.