Council approves IDA refunding bonds for Friendship Village of Tempe while mayor and councilmember recuse

The Tempe City Council adopted a resolution authorizing the issuance of Industrial Development Authority refunding bonds in an aggregate principal amount not to exceed $125 million for the benefit of Tempe Life Care Village, doing business as Friendship Village of Tempe, an Arizona nonprofit corporation.

Mayor Corey Woods recused himself from the discussion and vote, and Councilmember Amber Amberg also recused herself because she reported an ownership interest in the business applying for a Series 6 liquor license elsewhere on the agenda (she stated a conflict and left the dais when that liquor license was considered). While the council considered the IDA refunding bonds, Vice Mayor Garlow presided over the vote. Council members present voted in favor of the resolution; the record shows the measure passed with the mayor and one councilmember not participating in the vote.

The resolution authorizes the mayor to execute documents necessary for the Industrial Development Authority of the City of Tempe to issue the refunding bonds for the nonprofit's benefit. Staff noted the action is procedural and authorizes the financing under terms to be negotiated with the IDA and subject to the terms contained in the resolution.

Councilmembers moved, seconded, and approved the resolution in the recusal context; following the vote Vice Mayor Garland returned the meeting to Mayor Woods.

No additional public speakers addressed this item during the consent portion of the agenda; the action was recorded as a consent/agenda item and passed with recusal recorded in the minutes.