Attachment A - Phx IDA - Richman Glendale Apartments - City Council Resolution_9.23.24_Final.pdf

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 $12,000,000 PRINCIPAL AMOUNT OF TAX-
EXEMPT AND/OR TAXABLE MULTIFAMILY HOUSING REVENUE NOTES 
(GLENDALE APARTMENTS 
PROJECT), 
SERIES 
2024 
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, Richman Glendale Senior, LLC, a Delaware limited liability 
company (the “Borrower”), has requested that the Authority issue its revenue notes for 
the purpose of assisting the Borrower to finance and/or refinance, as applicable, all or a 
portion of the cost of: (a) the acquisition, construction, development, improvement, 
4865-2327-3175.2  
Attachment A
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Resolution No. ______ 
4865-2327-3175.2  
equipping and/or operating of a multifamily residential rental housing community to be 
known as “Glendale Apartments” (including improvements and facilities functionally 
related and subordinate thereto) expected to be comprised of approximately 45 units (all 
or a portion of which will be set aside for occupancy by low- to moderate-income senior 
tenants) to be situated on approximately 1.06 acres and generally located at 6819 North 
27th Avenue, Phoenix, Arizona 85017, (b) funding any required reserve funds, (c) paying 
capitalized interest on the below-defined Notes, if any, and (d) paying costs and expenses 
incurred in connection with the issuance of such Notes (collectively, the “Project”); and  
WHEREAS, pursuant to Resolution No. 2024-16, duly adopted by the 
Authority Board at a lawful meeting called and held on September 19, 2024 granting 
approval of the issuance and sale of one or more series of its tax-exempt and/or taxable 
Multifamily Housing Revenue Notes (Glendale Apartments Project) (the “Notes”), in an 
aggregate principal amount not to exceed $12,000,000, 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 Notes 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 
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 Notes and 
the plan of finance for the Project following a public hearing, which public hearing was 
held by the Authority on September 20, 2024; and 
WHEREAS, information regarding the Project to be financed with the 
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Resolution No. ______ 
4865-2327-3175.2  
proceeds of the Notes 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 Notes. 
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 Notes are 
to be issued are hereby approved. 
SECTION 2. The issuance of the Notes 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. 
 
[Signature page follows] 
 
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Resolution No. ______ 
4865-2327-3175.2  
PASSED BY THE COUNCIL OF THE CITY OF PHOENIX, ARIZONA this 
16th day of October 2024. 
 
 
 
 
 
MAYOR 
 
 
ATTEST: 
 
 
 
 City Clerk 
 
 
APPROVED AS TO FORM: 
 
 
 
 Acting City Attorney 
 
 
REVIEWED BY: 
 
 
 
 City Manager 
 
 
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