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Title:
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Issuance of Revenue Bonds (New Freedom Project), and Subordinate Revenue Capital Appreciation Bonds (New Freedom Project), Series 2025 (Resolution 22334) - Districts 1 & 3
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Title
Issuance of Revenue Bonds (New Freedom Project), and Subordinate Revenue Capital Appreciation Bonds (New Freedom Project), Series 2025 (Resolution 22334) - Districts 1 & 3
Description
Requests City Council approval of Revenue Bonds (New Freedom Project) and Subordinate Revenue Capital Appreciation Bonds (New Freedom Project), Series 2025, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $120,000,000.
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 $120,000,000 of Revenue Bonds and Subordinate Revenue Capital Appreciation Bonds (the “Bonds”), Series 2025, for use by New Freedom Project (the “Borrower”), an Arizona nonprofit corporation, to finance and/or refinance, as applicable, all or a portion of the costs of:
Acquiring (i) the membership interests in, and thereby the assets owned and used by New Freedom Ops, LLC, a Delaware limited liability company whose sole member is the Seller (“Operating Company”), (ii) the land, buildings and related amenities comprising a facility (the “Peoria Avenue Facility”), and (iii) the land, buildings and related amenities comprising a facility (the “29th Avenue Facility”, and, together with the Peoria Avenue Facility, the “Facilities”).
Funding any required reserve funds.
Paying a portion of the interest on the Bonds.
Paying fees, expenses and costs incurred in connection with the authorization, issuance and sale of the Bonds (collectively, the “Project”).
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds and Subordinate Revenue Capital Appreciation Bonds at its meeting held on October 7, 2025.
Location
The Peoria Avenue Facility is located at 2532 West Peoria Avenue and the 29th Avenue Facility is located at 20221 North 29th Avenue.
Council Districts: 1 and 3
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.