{"MatterTextId":33551,"MatterTextGuid":"8714F050-DAB5-461A-895D-EF8EA5ABD90E","MatterTextLastModifiedUtc":"2025-10-15T17:18:58.467","MatterTextRowVersion":"AAAAAAQ3I3E=","MatterTextMatterId":33449,"MatterTextVersion":"1","MatterTextPlain":"..Title\nIssuance of Multifamily Housing Revenue Construction/Permanent Notes (The Moreland I Project), Series 2025 (Resolution 22343) - District 8\n\n..Description\nRequests 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.\n\n..Report\nSummary\nRequest 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:\nThe 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);\nFunding any required reserve funds;\nPaying capitalized interest on the Notes, if any; and\nPaying costs and expenses incurred in connection with the issuance of such Notes (collectively, the “Project”).\n\nThe 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.\n\nConcurrence/Previous Council Action\nThe Phoenix IDA Board has previously resolved to issue the Multifamily Housing Revenue Construction/Permanent Notes at its meeting held on October 16, 2025.\n\nLocation\nThe 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).\nCouncil District: 8\n\nWith 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.\n\n..Department\nResponsible Department\nThis item is submitted by Deputy City Manager Ginger Spencer.","MatterTextRtf":"{\\rtf1\\ansi\\ansicpg1252\\deff0\\deflang1033{\\fonttbl{\\f0\\fnil\\fcharset0 Arial;}{\\f1\\fswiss\\fprq2\\fcharset0 Arial;}}\n{\\colortbl ;\\red0\\green112\\blue192;}\n\\viewkind4\\uc1\\pard\\cf1\\fs28 ..Title\\par\n\\cf0\\b Issuance of Multifamily Housing Revenue Construction/Permanent Notes (The Moreland I Project), Series 2025 (Resolution 22343) - District 8\\par\n\\b0\\par\n\\cf1 ..Description\\par\n\\cf0 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.\\par\n\\par\n\\cf1 ..Report\\par\n\\cf0\\b Summary\\par\n\\b0 Request City Council adoption of a resolution (\\b Attachment A\\b0 ) granting approval of the proceedings under which The Industrial Development Authority of the City of Phoenix, Arizona (the \\ldblquote Phoenix IDA\\rdblquote ) has previously resolved to issue up to $50,000,000 of Multifamily Housing Revenue Construction/Permanent Notes (the \\ldblquote Notes\\rdblquote ), for use by ML I Housing, LLC, an Arizona limited liability company (the \\ldblquote Borrower\\rdblquote ), to finance and/or refinance, as applicable, all or a portion of the cost of:\\par\n\\pard{\\pntext\\f0 a.\\tab}{\\*\\pn\\pnlvlbody\\pnf0\\pnindent0\\pnstart1\\pnlcltr{\\pntxta.}}\n\\fi-360\\li360 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 \\ldblquote The Moreland I\\rdblquote  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 \\ldblquote Facility\\rdblquote ), which is being co-developed by Brinshore Development, L.L.C. and the City of Phoenix (or their respective affiliates);\\par\n{\\pntext\\f0 b.\\tab}Funding any required reserve funds;\\par\n{\\pntext\\f0 c.\\tab}Paying capitalized interest on the Notes, if any; and\\par\n{\\pntext\\f0 d.\\tab}Paying costs and expenses incurred in connection with the issuance of such Notes (collectively, the \\ldblquote Project\\rdblquote ).\\par\n\\pard\\par\nThe 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.\\par\n\\par\n\\b Concurrence/Previous Council Action\\b0\\par\nThe Phoenix IDA Board has previously resolved to issue the Multifamily Housing Revenue Construction/Permanent Notes at its meeting held on October 16, 2025.\\par\n\\par\n\\b Location\\ul\\par\n\\ulnone\\b0 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).\\par\nCouncil District: 8\\par\n\\par\n\\f1 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.\\par\n\\f0\\par\n\\cf1 ..Department\\par\n\\cf0\\b Responsible Department\\ul\\par\n\\ulnone\\b0 This item is submitted by Deputy City Manager Ginger Spencer.\\cf1\\par\n}\n"}