Attachment A -Phx IDA - Mesquite Terrace (2025 Reissuance) - City Council Resolution.pdf

Attachment A 
RESOLUTION _____ 
A RESOLUTION APPROVING THE PLAN OF FINANCING 
AND ISSUANCE OF NOT TO EXCEED $48,000,000 
PRINCIPAL AMOUNT OF TAX-EXEMPT AND/OR TAXABLE 
MULTIFAMILY HOUSING REVENUE NOTES (MESQUITE 
TERRACE 
APARTMENTS 
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, Mesquite Terrace Apartments, LLC, an Arizona limited liability 
company (the “Borrower”), has previously requested that the Authority issue its 
Multifamily Housing Revenue Notes (Mesquite Terrace Apartments Project), in an 
aggregate principal amount not to exceed $48,000,000 (the “Notes”) for the purpose of 
4936-4465-9731.2  
THIS IS A DRAFT COPY ONLY AND IS NOT AN OFFICIAL COPY OF THE FINAL, 
ADOPTED RESOLUTION
DRAFT

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Resolution No. ______ 
4936-4465-9731.2  
assisting the Borrower (a) to finance and/or refinance, as applicable, the acquisition, 
construction, development, improvement, equipping and/or operation of a multifamily 
residential rental housing project and improvements and facilities functionally related and 
subordinate thereto, all situated on approximately three acres of land which consists of 
approximately 297 units, generally located at or near 5033, 5039, 5045, and 5107 North 
19th Avenue, Phoenix, Arizona; (b) to fund any required reserve funds; (c) to pay 
capitalized interest on the Notes, if any; and (d) to pay costs and expenses incurred in 
connection therewith (collectively, the “Project”); and 
WHEREAS, under certain circumstances, 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 financing for the Project following a public 
hearing, which public hearing was held by the Authority on January 21, 2025; and 
WHEREAS, information regarding the Project financed with the proceeds 
of the Notes has been presented to the Council of the City; and 
WHEREAS, it is intended that this Resolution shall constitute approval 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 issuance of the Notes and the plan of financing for the 
Project are hereby approved for purposes of Section 147(f) of the Code. 
SECTION 2.  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. ______ 
4936-4465-9731.2  
PASSED BY THE COUNCIL OF THE CITY OF PHOENIX, ARIZONA this 
19th day of February, 2025. 
MAYOR 
ATTEST: 
 City Clerk 
APPROVED AS TO FORM: 
 Acting City Attorney 
REVIEWED BY: 
 City Manager 
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