MCIDA DONOR NETWORK MEMO TO BD RE 6-12-18 REVISED FINAL APPROVAL FOR $35,000,000.DOC

MEMORANDUM
Date: June 7, 2018
To: Board of Directors, The Industrial Development Authority of the County of
Maricopa
From: William F. Wilder
Subject: Agenda Item No. 2, Authority Board Meeting, June 12, 2018
On April 17, 2018, the Authority Board considered the Application of Donor
Network of Arizona for the issuance of not to exceed $25,000,000 of the Authority’s revenue
bonds and granted final approval for the issuance of such bonds. The requisite approval of the
Maricopa County Board of Supervisors was then obtained on April 25, 2018. In this regard, a
necessary public hearing as required by the Code was conducted and no persons appeared to
comment or be heard.
Donor Network of Arizona has now received firm bids for the construction of its
multipurpose facility (that will include a corporate office headquarters), and is requesting that the
amount of bond financing be increased to not to exceed $35,000,000.
I have not enclosed the financing Application that the Board considered in April,
but such was included in your Board packages for the April 17th Board meeting.
J.P. Morgan Chase Bank has agreed to purchase the bonds at the increased
amount, and subject to the Authority’s approval and the Board of Supervisor’s approval, the
closing for the transaction is set for June 18, 2018.
The Resolution that is proposed to be adopted is enclosed. Once adopted, this
Resolution will supersede the Resolution adopted by the Board on April 17, 2018.
Subject to the Authority Board’s approval, this matter will go to the Maricopa
County Board of Supervisors for its approval on June 13, 2018.
Suggested Motion:
Move to adopt a Resolution in the form presented to the meeting authorizing and
approving the issuance of not to exceed $35,000,000 The Industrial Development
Authority of the County of Maricopa Direct Purchase Revenue Bonds (Donor
Network of Arizona Project), Series 2018.
4397112.1
06/05/18