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Title:
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Issuance of Multifamily Housing Revenue Bonds (Horizon on Villa Project) (Resolution 22318) - District 8
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Title
Issuance of Multifamily Housing Revenue Bonds (Horizon on Villa Project) (Resolution 22318) - District 8
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Bonds (Horizon on Villa Project), to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $35,000,000.
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 up to $35,000,000 of its Multifamily Housing Revenue Bonds (Horizon on Villa Project) in one or more tax-exempt and/or taxable series (the “Bonds”) for use by Horizon on Villa, LLC, an Arizona limited liability company (collectively with its assignees and designees, the “Borrower”), to finance, and/or refinance, as applicable, all or a portion of the costs of:
Acquiring, constructing, developing, rehabilitating, improving, equipping, and/or operating a multifamily residential rental housing project (including improvements and facilities functionally related and subordinate thereto) expected to be comprised of approximately 109 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 5.78 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”).
City Council shall approve 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 June 18, 2025.
Location
The Facility is located at or near 500 N. 20th Street, 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 Deputy City Manager Ginger Spencer.