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Title:
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Issuance of Multifamily Housing Revenue Construction/Permanent Notes (The Moreland I Project), Series 2025 (Resolution 22343) - District 8
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Title
Issuance of Multifamily Housing Revenue Construction/Permanent Notes (The Moreland I Project), Series 2025 (Resolution 22343) - District 8
Description
Requests City Council approval for the issuance of Multifamily Housing Revenue Construction/Permanent Notes (The Moreland I Project), Series 2025, to be issued in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $50,000,000.
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 $50,000,000 of Multifamily Housing Revenue Construction/Permanent Notes (the “Notes”), for use by ML I Housing, LLC, an Arizona limited liability company (the “Borrower”), to finance and/or refinance, as applicable, all or a portion of the cost of:
The acquisition, construction, development, improvement, equipping and/or operation of the first phase of a multifamily residential rental housing community expected to be referred to as “The Moreland I” to be comprised of approximately 132 units (all or a portion of which will be set aside for occupancy by low- to moderate-income tenants), an adjacent parking structure, and improvements and facilities functionally related and subordinate thereto, to be situated on approximately 1.60 acres of land leased by the City of Phoenix to the Borrower (collectively, the “Facility”), which is being co-developed by Brinshore Development, L.L.C. and the City of Phoenix (or their respective affiliates);
Funding any required reserve funds;
Paying capitalized interest on the Notes, if any; and
Paying costs and expenses incurred in connection with the issuance of such Notes (collectively, the “Project”).
The issuance of the Notes and the plan of financing for the Project, for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Multifamily Housing Revenue Construction/Permanent Notes at its meeting held on October 16, 2025.
Location
The Facility is located at or near 325 E. Moreland Street, in Phoenix, Arizona (previously expected to be located at 1125 N. 3rd Street, in Phoenix, Arizona).
Council District: 8
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.