Title
Issuance of Multifamily Housing Revenue Notes (Harmony at the Park Two Project), Series 2021 (Resolution 21976)
...Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Notes (Harmony at the Park Two Project), Series 2021, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $20,000,000.
...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 $20,000,000 of Multifamily Housing Revenue Notes (the “Revenue Notes”) for use by Harmony at the Park Two, LLC (the “Borrower”), an Arizona limited liability company, to
a) finance, and/or refinance, as applicable, all or a portion of the acquisition, construction, improvement, equipping, or operation of a multifamily residential rental housing facility in Phoenix, Arizona, and
b) pay certain costs related to the issuance of the Revenue Notes.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Notes at its meeting held on October 14, 2021.
Location
The Project is located at or near 600 North 20th Street in Phoenix, Arizona.
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.