Title
Approval of Proceedings Regarding Issuance of Community Development Revenue Refunding Bonds (CPLC PM Redevelopment Project), Series 2026 by the Industrial Development Authority of the City of Phoenix (Resolution 22410) - District 8
Description
Requests City Council approval of proceedings regarding the issuance of Community Development Revenue Refunding Bonds (CPLC PM Redevelopment Project), Series 2026, 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 $42,000,000.
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 $42,000,000 of its Community Development Revenue Refunding Bonds (CPLC PM Redevelopment Project) Series 2026, (the “Bonds”) for use by CPLC PM Redevelopment, LLC, an Arizona limited liability company (the “Borrower”), whose sole member is Chicanos Por La Causa, Inc., an Arizona nonprofit corporation, to refund the Authority’s outstanding Community Development Revenue Bonds (CPLC PM Redevelopment Project), Series 2021, the proceeds of which, together with other available moneys, were used to:
finance, refinance or reimburse the cost of acquiring, renovating, improving, and equipping certain real property, the surrounding parking and additional lots, including, but not limited to, the building, structures, fixtures, and other improvements located on said real property (collectively, the “Property”); and
fund required reserve funds, pay certain issuance expenses related to the Bonds (collectively, the “Project”), all in accordance with the Act.
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 Project is generally located at or near 1201 and 1301 S. 7th Avenue and 515 W. Buckeye Road, 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.