AGENDA CAPTION:
Title
Consider approval of Resolution 2021-39R, approving the issuance of revenue bonds in a principal amount not to exceed $30,000,000 to be issued by the New Hope Cultural Education Facilities Finance Corporation for a residential senior living project to be known as the Villas Del San Xavier Senior Residences and located at 2621 South IH-35; and declaring an effective date.
Body
Meeting date: February 24, 2021
Department: Legal
Amount & Source of Funding
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Account Number: Click or tap here to enter text.
Funds Available: Click or tap here to enter text.
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Fiscal Note:
Prior Council Action: Council enacted the same resolution on November 19, 2019.
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Background Information:
The developer is seeking approval of this Resolution which will allow them to apply for special financing under the Federal Internal Revenue Code. The City will have no liability or obligation for the payment of the bonds when they are issued. The purpose of the bonds is to provide financing for the acquisition, construction and equipment of a qualified residential rental housing project for seniors under 142(a)(7) of the Internal Revenue Code.
Council approved this Resolution on November 19, 2019, but since more than one year has passed...
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