Title
Issuance of Multifamily Housing Revenue Bonds (Foothills Village Apartments Project), Series 2019 (Resolution 21754)
Description
Request City Council approval for the issuance of Multifamily Housing Revenue Bonds (Foothills Village Apartments Project), Series 2019, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $15,000,000.
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 $15,000,000 of Multifamily Housing Revenue Bonds (the "Revenue Bonds") for use by FVA, LLC (the "Borrower"), an Arizona limited liability company, to:
a) finance or refinance, as applicable, acquisition, construction, improvement, equipping and/or operation of a multifamily residential rental housing facility 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 previsouly resolved to issue the Revenue Bonds at its meeting held on May 16, 2019.
Location
The Project is located at 920 W. Alta Vista Road in Phoenix, Arizona.
With the exception of certain housing bonds, the Phoenix IDA can finance projects located anywhere in Arizona. In addtition, 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.