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Title:
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Approval of Proceedings Regarding Issuance of Multifamily Housing Revenue Bonds (West Eleventh Project) by the Industrial Development Authority of the City of Phoenix (Resolution 22409) - District 3
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Title
Approval of Proceedings Regarding Issuance of Multifamily Housing Revenue Bonds (West Eleventh Project) by the Industrial Development Authority of the City of Phoenix (Resolution 22409) - District 3
Description
Requests City Council approval of proceedings regarding the issuance of Multifamily Housing Revenue Bonds (West Eleventh Project) by the Industrial Development Authority of the City of Phoenix, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $10,000,000.
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, Arizona (the “Phoenix IDA”) has previously resolved to issue up to $10,000,000 of Multifamily Housing Revenue Bonds (the “Bonds”) for use by West Eleventh, LLC, a Wisconsin limited liability company (the “Borrower”), to finance and/or refinance, as applicable, all or a portion of the cost of:
The acquisition, rehabilitation, construction, development, improvement, equipping, and/or operation of a multifamily residential rental housing community to be known as “West Eleventh” (including improvements and facilities functionally related and subordinate thereto) expected to be comprised of approximately 54 units of housing (all or a portion of which will be set aside for occupancy by low- to moderate-income tenants); and
Funding any required reserve funds, paying capitalized interest on the Bonds, if any, and paying costs and expenses incurred in connection with the issuance of such Bonds (collectively, the “Project”), all in accordance with the Act.
2. The issuance of the Bonds and 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 Bonds at its meeting held on October 15, 2026.
Location
The Project is located at or near 1025 W. Cochise Drive in Phoenix, AZ.
Council District: 3
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 Ginger Spencer and the City Manager's Office.