Title
Issuance of Educational Facilities Revenue Bonds (SSS Academy Project) (Resolution 22361) - District 2
Description
Requests City Council approval for the issuance of Educational Facilities Revenue Bonds (SSS Academy Project), to be issued in one or more separate taxable or tax-exempt series and subseries, in an aggregate principal amount not-to-exceed $35,000,000 (the “Bonds”).
Report
Summary
Request City Council adoption of a resolution (Attachment A) 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 its Educational Facilities Revenue Bonds (SSS Academy Project), in one or more separate taxable or tax-exempt series and subseries, in an aggregate principal amount of not-to-exceed $35,000,000, for use by SSS Academy, an Arizona nonprofit corporation and tax-exempt charitable organization under Section 501-(c)-(3) of the Internal Revenue Code of 1986, as amended (the “Code”) (together with its successors, assignees and designees, the “Borrower”), to finance, and/or refinance, as applicable, all or a portion of the costs of the acquisition, construction, completion, and equipping of arena facility improvements to be used as educational facilities by the Borrower, (the “Facilities”), funding a debt service reserve fund, funding working capital and capitalized interest on such bonds, and paying certain costs of issuance of such bonds (collectively, the “Project”); and approve the plan of financing for the Project, for purposes of Section 147(f) of the Code.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Bonds at its meeting held on December 18, 2025.
Location
The Facility is located at or near 2727 W. Bronco Butte Trail, Phoenix, AZ.
Council District: 2
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.