Title
Issuance of Multifamily Housing Revenue Bonds (Broadway Farms at Hurley Station, Phase I Project) and Multifamily Housing Revenue Note (Broadway Farms at Hurley Station, Phase I Project) (Resolution 22315) - District 7
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Bonds (Broadway Farms at Hurley Station, Phase I Project), and Multifamily Housing Revenue Note (Broadway Farms at Hurley Station, Phase I Project) to be issued in one or more tax-exempt and/or taxable series, in a combined aggregate principal amount not to exceed $60,000,000.
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 a combined aggregate principal amount not to exceed $60,000,000 of its Multifamily Housing Revenue Bonds (Broadway Farms at Hurley Station, Phase I Project) and Multifamily Housing Revenue Note (Broadway Farms at Hurley Station, Phase I Project), in one or more tax-exempt and/or taxable series (the “Obligations”) for use by 4201 S 91st Avenue Owner, LLLP, an Arizona limited liability limited partnership (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, development, improvement, equipping and/or operating of a qualified residential rental facility (including improvements and facilities functionally related and subordinate thereto), which is expected to be comprised of approximately 190 units in Tolleson, Arizona , (collectively, the “Facility”); and
Funding any required reserve funds, paying capitalized interest on the Obligations, if any, and paying fees, expenses and costs incurred in connection with the authorization, issuance and sale of the Obligations (collectively, the “Project”).
The issuance of the Obligations 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 its Multifamily Housing Revenue Bonds and Multifamily Housing Revenue Note for this Project at its meeting held on May 28, 2025.
Location
The Facility is located at or near 4141 S. 91st Avenue, Tolleson, AZ, annexed recently into the City of Phoenix.
Council District: 7
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.