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Title:
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Approval of Proceedings Regarding Issuance of Multifamily Housing Revenue Bonds (Girasol Three Project) by the Industrial Development Authority of the City of Phoenix (Resolution 22411) - District 8
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Title
Approval of Proceedings Regarding Issuance of Multifamily Housing Revenue Bonds (Girasol Three Project) by the Industrial Development Authority of the City of Phoenix (Resolution 22411) - District 8
Description
Requests City Council approval of proceedings regarding the issuance of Multifamily Housing Revenue Bonds (Girasol Three Project) to be issued by the Industrial Development Authority of the City of Phoenix, 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, Arizona (the “Phoenix IDA”) has previously resolved to issue up to $25,000,000 of Multifamily Housing Revenue Bonds (Girasol Three Project), in one or more tax-exempt and/or taxable series (the “Bonds”) for use by Sidney P Osborn Three, LLC, an Arizona limited liability company (the “Borrower”), to finance, and/or refinance, as applicable, all or a portion of the costs of:
The acquisition, construction, development, improvement, equipping, and/or operation of a qualified residential rental facility (including improvements and facilities functionally related and subordinate thereto) expected to be comprised of approximately 140 units of housing (all or a portion of which will be set aside for occupancy by low- to moderate-income tenants) and other improvements to be situated on approximately 4.272 acres of land to be leased to the Borrower by the City located in Phoenix, Arizona (collectively, the “Facility”), and
Funding any required reserve funds, paying capitalized interest on the Bonds, if any, and paying certain costs and expenses incurred in connection with the issuance of such Bonds (collectively, the “Project”), and
2. The issuance of the Bonds and the 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 Bonds at its meeting held on October 15, 2026.
Location
The Facility is located at or near 111 N. 17th Street, Phoenix, AZ (formerly known as 1721 E. Adams Street in Phoenix, AZ).
Council District: 8
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.