Title
Issuance of Student Housing Revenue Bonds (Downtown Phoenix Student Housing II LLC - Arizona State University Project), Series 2019 (Resolution 21791)
Description
Requests City Council approval for the issuance of Student Housing Revenue Bonds (Downtown Phoenix Student Housing II LLC - Arizona State University Project), Series 2019, to be issued in one or more tax-exempt and or taxable series in an aggregate principal amount not to exceed $75,000,000.
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, Ariz. (the "Phoenix IDA"), has previously resolved to issue up to $75,000,000 of Student Housing Revenue Bonds (the "Revenue Bonds") for use by Downtown Phoenix Student Housing II LLC (the "Borrower"), an Arizona limited liability company, to:
a) finance acquisition, construction, and equipping of land and a building to be operated by Arizona State University primarily as residential space for use as student housing in Phoenix, Arizona, and
b) pay certain costs related to the issuance of the Revenue Bonds.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds at its meeting held on Sept. 25, 2019.
Location
The Project is located at the southwest corner of Fillmore Street and First Avenue in Phoenix, Arizona, 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 Assistant City Manager Milton Dohoney, Jr.