Arizona Authority to Sell Bonds for Housing Near Reds, Guardians Spring Training Site

By Josh Beckerman

The Arizona Industrial Development Authority plans to sell $72.6 million of housing revenue bonds for a rental development project in Goodyear.

The Series 2025 A senior variable rate demand multifamily housing revenue bonds are expected to mature in 2043, according to a document posted on MuniOS.

Bond counsel believes interest isn't an item of preference for the alternative minimum tax for individuals.

The Verge at Ballpark Village will serve residents with household incomes at 60% of area median income. Construction is expected to start this month and be completed in January 2028. The name of the area refers to Goodyear Ballpark, where the Cleveland Guardians and Cincinnati Reds play spring training games.

According to a document posted on MuniOS Tuesday, the authority also sold $46.9 million of housing revenue bonds for the Sidney Village Project, a rental development in Buckeye. Other issues have included a $65 million sale for Diamond View at Ballpark Village.

The authority expects bond ratings of A1/VMGI from Moody's and A+/A-1 from S&P Global Ratings.

Barclays is the underwriter.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

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