Attachment A - Phx IDA - Memorial Towers - City Council Resolution.pdf

4889-6154-6732.2  
Attachment A 
 
THIS IS A DRAFT COPY ONLY AND IS NOT THE OFFICIAL COPY OF THE FINAL, 
ADOPTED RESOLUTION 
 
RESOLUTION _____ 
 
A RESOLUTION APPROVING THE PLAN OF FINANCING 
AND ISSUANCE OF NOT TO EXCEED $34,000,000 
PRINCIPAL AMOUNT OF ONE OR MORE TAX-EXEMPT 
AND/OR TAXABLE, SENIOR AND/OR SUBORDINATE 
SERIES OF MULTIFAMILY HOUSING REVENUE BONDS 
(MEMORIAL TOWERS PROJECT) OF THE INDUSTRIAL 
DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX, 
ARIZONA  
 
_______________ 
 
WHEREAS, The Industrial Development Authority of the City of Phoenix, 
Arizona (the “Authority”), is a nonprofit corporation designated a political subdivision of 
the State of Arizona (the “State”) incorporated with the approval of the City of Phoenix, 
Arizona (the “City”); and 
WHEREAS, Title 35, Chapter 5, of the Arizona Revised Statutes, Section 
35-701 et seq., as amended (the “Act”), authorizes the Authority to issue revenue bonds 
for the purposes set forth in the Act, including the making of secured and unsecured loans 
to finance or refinance the acquisition, construction, improvement, equipping or operation 
of a “project” (as defined in the Act) whenever the Board of Directors of the Authority (the 
“Authority Board”) finds such loans to further advance the interests of the Authority or the 
public interest, and to refund outstanding obligations incurred by an enterprise to finance 
the costs of a “project” when the Authority Board finds that the refinancing is in the public 
interest; and 
WHEREAS, Memorial Towers (TC2) Senior Housing Limited Partnership, 
an Arizona limited partnership (the “Borrower”), has requested that the Authority issue its

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Resolution No. ______ 
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revenue bonds for the purpose of assisting the Borrower to finance and/or refinance, as 
applicable, all or a portion of the costs of: (a) the acquisition, rehabilitation, construction, 
development, improvement, equipping and/or operating of a multifamily residential rental 
housing community known as “Memorial Towers” (including improvements and facilities 
functionally related and subordinate thereto) expected to be comprised of approximately 
153 units (all or a portion of which will be set aside for occupancy by low- to moderate-
income senior tenants (age-restricted)) situated on approximately 3.022 acres and 
generally located at 1405 S. 7th Avenue, Phoenix, Arizona 85007, (b) funding any 
required reserve funds, (c) paying capitalized interest on the below-defined Bonds, if any, 
and (d) paying costs and expenses incurred in connection with the issuance of such 
Bonds (collectively, the “Project”); and 
WHEREAS, the Authority, by Resolution 2024-18, duly adopted by the 
Authority Board at a lawful meeting called and held on October 28, 2024 granted approval 
of the issuance and sale of (i) its Multifamily Housing Revenue Bonds (Memorial Towers 
Project), in one or more tax-exempt and/or taxable senior series (the “Senior Bonds”) and 
(ii) its Multifamily Housing Revenue Bonds (Memorial Towers Project), in one or more tax-
exempt and/or taxable subordinate series (the “Subordinate Bonds” and collectively with 
the Senior Bonds, the “Bonds”), from time to time pursuant to a plan of financing, in an 
aggregate principal amount not to exceed $34,000,000, the proceeds of which will be 
used to finance the Project; and 
WHEREAS, Section 35-721(B) of the Act provides that the proceedings of 
the Authority under which the Bonds are to be issued require the approval of the Council 
of the City; and 
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as

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amended (the “Code”), requires that an “applicable elected representative” (as that term 
is defined in the Code) approve the issuance of the tax-exempt portion of the Bonds and 
the plan of finance for the Project following a public hearing, which public hearing was 
held by the Authority on October 29, 2024; and 
WHEREAS, information regarding the Project to be financed with the 
proceeds of the Bonds has been presented to the Council of the City; and 
WHEREAS, it is intended that this Resolution shall constitute approval by 
the Council of the City pursuant to Section 35-721(B) of the Act and of the “applicable 
elected representative” as defined in Section 147(f) of the Code with respect to the Bonds. 
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY 
OF PHOENIX, ARIZONA as follows: 
SECTION 1. The proceedings of the Authority under which the Bonds are 
to be issued are hereby approved. 
SECTION 2. The issuance of the Bonds and the plan of finance for the 
Project are hereby approved for purposes of Section 147(f) of the Code. 
SECTION 3.  Notice of Arizona Revised Statutes Section 38-511 is hereby 
given.  The provisions of that statute are by this reference incorporated herein to the 
extent of their applicability to matters contained herein.

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Resolution No. ______ 
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PASSED BY THE COUNCIL OF THE CITY OF PHOENIX, ARIZONA this 
20th day of November, 2024. 
 
 
 
 
 
MAYOR 
 
 
ATTEST: 
 
 
 
 City Clerk 
 
 
APPROVED AS TO FORM: 
 
 
 
 Acting City Attorney 
 
 
REVIEWED BY: 
 
 
 
 City Manager