Title
Issuance of Multifamily Housing Revenue Bonds (Broadway Farms at Hurley Station, Phase II Project), Series 2026, and Multifamily Housing Revenue Note (Broadway Farms at Hurley Station, Phase II Project), Series 2026 (Resolution 22376) - Out of City
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Bonds (Broadway Farms at Hurley Station, Phase II Project), Series 2026, and Multifamily Housing Revenue Note (Broadway Farms at Hurley Station, Phase II Project), Series 2026, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not-to-exceed $25,000,000.
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 $25,000,000 of its Multifamily Housing Revenue Bonds (Broadway Farms at Hurley Station, Phase II Project), Series 2026, in one or more tax-exempt and/or taxable series (the “Bonds”) and its Multifamily Housing Revenue Note (Broadway Farms at Hurley Station, Phase II Project), Series 2026, in one or more tax- exempt and/or taxable series (the “Governmental Lender Note”), for use by 4201 S 91st Avenue Owner II, LLLP, an Arizona limited liability partnership (together with its successors, assignees and designees, the “Borrower”), to finance, and/or refinance, as applicable, all or a portion of the costs of the acquisition, construction, development, improvement, equipping and/or operating of a multifamily residential rental housing project (including improvements and facilities functionally related and subordinate thereto) expected to be comprised of approximately 144 units of housing (all or a portion of which will be set aside for occupancy by low- to moderate-income tenants) situated on approximately 5.18 acres of land located in Phoenix, Arizona (collectively, the “Facility”), and funding any required reserve funds, paying capitalized interest on the Obligations, if any, and paying fees, expenses and costs incurred in connection with the authorization, issuance, and sale of such Obligations (collectively, the “Project”), all in accordance with the Act.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Bonds at its meeting held on April 23, 2026.
Location
The Facility is located at or near 4141 South 91st Avenue, Tolleson, AZ.
District: Out of City
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 Ginger Spencer and the City Manager's Office.