Title
Issuance of Project Revenue Bonds (Provident Group - Costa Isabela Properties LLC; Costa Isabela Conference Hotel Project), Series 2021 (Resolution 21975)
...Description
Requests City Council approval for the issuance of Project Revenue Bonds (Provident Group - Costa Isabela Properties LLC; Costa Isabela Conference Hotel Project), Series 2021, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $350,000,000.
...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 $350,000,000 of Project Revenue Bonds (the “Revenue Bonds”) for use by Provident Group - Costa Isabela Properties LLC (the “Borrower”), a Delaware limited liability company, to
a) finance, and/or refinance, as applicable, a portion of the acquisition, design, construction, operation, and equipping of an approximately 356-room hotel and related facilities in Isabela, Puerto Rico, and
b) 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 Oct. 14, 2021.
Location
The Project is located at or near 396 Avenue Noel Estrada, Isabela, Puerto Rico.
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.