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Title:
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Adoption of Resolution Approving the Plan of Finance and Issuance of Multifamily Housing Revenue Notes (Mesquite Terrace Apartments Project), for Purpose of Section 147(F) of the Internal Revenue Code of 1986, as Amended (Resolution 22276) - District 4
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Title
Adoption of Resolution Approving the Plan of Finance and Issuance of Multifamily Housing Revenue Notes (Mesquite Terrace Apartments Project), for Purpose of Section 147(F) of the Internal Revenue Code of 1986, as Amended (Resolution 22276) - District 4
Description
Requests City Council adoption of Resolution (Attachment A) approving the plan of financing and issuance of Multifamily Housing Revenue Notes (Mesquite Terrace Apartments Project), in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $48,000,000 by The Industrial Development Authority of the City of Phoenix, Arizona (the “Phoenix IDA”) following a public hearing held by a representative of the Phoenix IDA on January 21, 2025, solely for the purposes of complying with Section 147(f) of the Internal Revenue Code, as amended (the “Code”).
Report
Summary
Background: On March 17, 2021, the City Council adopted Resolution 21905 granting approval of the proceedings under which the Phoenix IDA had resolved to issue up to $48,000,000 of Multifamily Housing Revenue Notes (the “Revenue Notes”) as required by A.R.S. 35-721(B). Resolution 21905 also approved the plan of financing for the project and the issuance of the Revenue Bonds following a public hearing as required by Section 147 (f) of the Code. The Revenue Notes were originally issued on June 16, 2021 and the proceeds from the sale of the Revenue Notes were used by Mesquite Terrace Apartments, LLC (the “Borrower”), an Arizona limited liability company, to:
Finance and/or refinance, as applicable, the acquisition, construction, development, improvement, equipping and/or operation of a multifamily residential rental housing project comprised of approximately 297 units in Phoenix, Arizona,
Fund any required reserve funds,
Pay capitalized interest on the Revenue Notes, if any, and
Pay certain costs related to the issuance of the Revenue Notes.
Concurrence/Previous Council Action
The Phoenix IDA Board previously resolved to issue the Revenue Notes at its meeting held on February 26, 2021. For purposes of providing the previous approval required by A.R.S. 35-721(B) and Section 147(f) of the Code, the City Council adopted Resolution 21905 on March 17, 2021. As noted above, the Section 147(f) approval previously granted pursuant to Resolution 21905 has expired.
Location
The Project is located at or near 5033, 5039, 5045, and 5107 North 19th Avenue in Phoenix, Arizona.
Council District: 4
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.