Attachment A - Horizon on Villa 2025 (Gorman) - City Council Resolution.pdf

4928-6791-6359.1  
RESOLUTION _____ 
A RESOLUTION APPROVING THE PLAN OF FINANCING 
AND ISSUANCE OF NOT TO EXCEED $35,000,000 
PRINCIPAL AMOUNT OF ONE OR MORE TAX-EXEMPT 
AND/OR TAXABLE SERIES OF MULTIFAMILY HOUSING 
REVENUE BONDS (HORIZON ON VILLA 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, Horizon on Villa, LLC, an Arizona limited liability company (the 
“Borrower”), has requested that the Authority issue its revenue bonds 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, rehabilitation, improvement, 
ATTACHMENT A
THIS IS A DRAFT COPY ONLY AND IS NOT AN OFFICIAL COPY OF THE FINAL, 
ADOPTED RESOLUTION
DRAFT

2 
Resolution No. ______ 
4928-6791-6359.1  
equipping and/or operating of a multifamily residential rental housing project (including 
improvements and facilities functionally related and subordinate thereto) expected to be 
comprised of approximately 109 units of housing (all or a portion of which will be set aside 
for occupancy by low- to moderate-income tenants) and other improvements to be 
situated on approximately 5.78 acres of land to be leased to the Borrower by the City and 
generally located at or near 500 N 20th Street, Phoenix, Arizona 85006, (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 2025-[__], adopted by the 
Authority Board at a meeting duly called and held on June 18, 2025, granted final approval 
of the issuance and sale of its Multifamily Housing Revenue Bonds (Horizon on Villa 
Project), in one or more tax-exempt and/or taxable series (the “Bonds”), from time to time 
pursuant to a plan of financing, in an aggregate principal amount not to exceed 
$35,000,000, 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 
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 financing for the Project following a public hearing, which public hearing was 
held by the Authority on June 6, 2025; and 
DRAFT

3 
Resolution No. ______ 
4928-6791-6359.1  
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 financing 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. 
DRAFT

4 
Resolution No. ______ 
4928-6791-6359.1  
PASSED BY THE COUNCIL OF THE CITY OF PHOENIX, ARIZONA this 
2nd day of July, 2025. 
 
 
 
 
 
MAYOR 
 
 
ATTEST: 
 
 
 
 City Clerk 
 
 
APPROVED AS TO FORM: 
 
 
 
 Acting City Attorney 
 
 
REVIEWED BY: 
 
 
 
 City Manager 
 
 
DRAFT