DEER VALLEY GARDENS 2021 - BOS RESOLUTION.PDF

A RESOLUTION OF THE MARICOPA COUNTY BOARD OF
SUPERVISORS APPROVING THE ISSUANCE BY THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA OF
ITS MULTIFAMILY HOUSING REVENUE NOTE (DEER VALLEY
GARDENS PROJECT), SERIES 2021, IN ONE OR MORE TAX-EXEMPT
AND/OR TAXABLE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $20,000,000
WHEREAS, The Industrial Development Authority of the County of Maricopa (the “Issuer”) is a
nonprofit corporation designated a political subdivision of the State of Arizona incorporated with the
approval of the County of Maricopa, empowered under Title 35, Chapter 5, Section 35-701 et seq.,
Arizona Revised Statutes, as amended (the “Act”), to issue revenue bonds or obligations for the purposes
set forth in the Act, including the making of secured or unsecured loans for the purpose of financing or
refinancing the acquisition, construction, improvement or equipping of a “project” (as defined in the Act);
WHEREAS, the Issuer proposes to issue its Multifamily Housing Revenue Note (Deer Valley
Gardens Project), Series 2021 (the “Note”), in one or more tax-exempt and/or taxable series, in an
aggregate principal amount not to exceed $20,000,000, for the benefit of Deer Valley Gardens, LP, an
Arizona limited partnership (the “Borrower”);
WHEREAS, the proceeds of the Note will be loaned by the Issuer to the Borrower (i) to
finance and/or refinance all or a portion of the costs of the acquisition, construction, development,
rehabilitation, improvement, equipping and/or operation, of a qualified residential rental housing
project consisting of approximately 164 units, together with any functionally related and subordinate
facilities, generally located at 15051 West Deer Valley Drive, Sun City West, Arizona 85375, and
commonly known as “Deer Valley Gardens”; (ii) to fund reserves, if any; (iii) to pay capitalized interest
on all or a portion of the Note, if any; and (iv) to pay certain costs incurred in connection with the
authorization, issuance and sale of the Note (collectively, the “Project”);
WHEREAS, at a meeting of the Issuer Board, the Issuer resolved (the “Issuer’s Resolution”) to
issue the Note and loan the proceeds thereof to the Borrower to finance all or a portion of the costs of
the Project, the Issuer's Resolution being conditioned upon, among other things, the granting of
approval to the issuance of the Note by the Maricopa County Board of Supervisors;
WHEREAS, the Issuer's Resolution has been made available to the Maricopa County Board of
Supervisors, and the Resolution has been duly considered this date;
WHEREAS, the Issuer's Resolution authorizes, among other things, the issuance and sale of
the Note, the execution and delivery of the Funding Loan Agreement, the Project Loan Agreement, and
the Tax Regulatory Agreement (as such terms are defined in the Funding Loan Agreement), and such
other documents as required for the issuance of the Note;
WHEREAS, the terms, maturities, provisions for redemption, security, and sources of payment
for the Note are set forth in the Funding Loan Agreement and in the form of the Note;
WHEREAS, copies of the documents providing for the issuance of the Note have been made
available to the Maricopa County Board of Supervisors, together with the Issuer's Resolution;
WHEREAS, the Maricopa County Board of Supervisors have been informed that the
documents have been reviewed by competent bond counsel, Kutak Rock LLP (“Bond Counsel”), and
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Bond Counsel has determined that the documents adequately meet the requirements of the Act and the
Internal Revenue Code of 1986, as amended (the “Code”);
WHEREAS, pursuant to Section 35-721.B of the Act, the proceedings of the Issuer under
which the Note is to be issued require the approval of the Maricopa County Board of Supervisors for
the issuance of the Note;
WHEREAS, pursuant to Section 147(f) of the Code, the Maricopa County Board of
Supervisors must approve the issuance of the Note after a public hearing following reasonable public
notice;
WHEREAS, following publication of a Notice of Public Hearing on the website of the Issuer,
(the “Notice”) a public hearing with respect to the Note and the location and nature of the Project to be
financed was held telephonically by the Issuer, pursuant to Section 147(f) of the Code, on February 12,
2021, (the “Public Hearing”), and a copy of the Notice is attached hereto and made a part of this
Resolution;
WHEREAS, a report of the Public Hearing has been presented to and considered by the
Maricopa County Board of Supervisors; and
WHEREAS, it is intended that this Resolution shall constitute approval by the Maricopa
County Board of Supervisors with respect to the issuance of the Note pursuant to (i) Section 35-721.B
of the Act, and (ii) Section 147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
MARICOPA COUNTY, ARIZONA, as follows:
1. The issuance by the Issuer of the Note in an aggregate principal amount not to exceed
$20,000,000 is approved for all purposes under the Act and the Code.
2. The appropriate officers of the Maricopa County Board of Supervisors are hereby
authorized and directed to do all such things to execute and deliver all such documents on behalf of the
Maricopa County Board of Supervisors as may be necessary or desirable to effectuate the intent of this
Resolution and the Issuer's Resolution in connection with the issuance of the Note.
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ADOPTED AND APPROVED this 24th day of February, 2021.
Chairman, Maricopa County Board of Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
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NOTICE OF PUBLIC HEARING
PUBLIC NOTICE IS HEREBY GIVEN that a public hearing will be held telephonically by an
authorized representative of The Industrial Development Authority of the County of Maricopa
(the “Issuer”) on February 12, 2021, commencing at 9:30 a.m., MST, via the toll free dial-in number of 1-
800-322-6099; enter code 9596846 and Press #, regarding the advisability of the proposed issuance by the
Issuer in one or more series pursuant to a plan of financing in accordance with Title 35, Chapter 5,
Section 35-701 et seq., Arizona Revised Statutes, as amended (the “Act”), of the Issuer’s Multifamily
Housing Revenue Note (Deer Valley Gardens Project), Series 2021 (the “Note”) to be issued in an
aggregate principal amount not to exceed $20,000,000, in one or more tax-exempt and/or taxable series.
The proceeds of the Note will be used to make a loan to Deer Valley Gardens, LP, an Arizona
limited partnership (the “Borrower”) (i) to finance and/or refinance all or a portion of the costs of the
acquisition, construction, development, rehabilitation, improvement, equipping and/or operation, of a
qualified residential rental housing project (commonly known as the “Deer Valley Gardens”) consisting
of approximately 164 units, together with any functionally related and subordinate facilities, generally
located at 15051 West Deer Valley Drive, Sun City West, Arizona 85375 (the “Facilities”); (ii) to fund
reserves, if any; (iii) to pay capitalized interest on all or a portion of the Note, if any; and (iv) to pay
certain costs incurred in connection with the authorization, issuance and sale of the Note (collectively, the
“Project”).
The Facilities will be owned and operated by the Borrower, or an affiliate of the Borrower.
The Note will be a limited obligation of the Issuer payable solely from revenues, receipts, and
security pledged to its payment. The principal of, premium, if any, and interest on the Note will not
constitute an indebtedness or liability of the Issuer, the County of Maricopa, Arizona, the State of
Arizona, or any political subdivision of the State of Arizona, or a charge against their general credit or
any taxing powers, but shall be payable solely from the sources provided for in the proceedings pursuant
to which the Note is issued. The Issuer has no taxing power.
This public notice is posted pursuant to the requirements of Section 147(f) of the Internal
Revenue Code of 1986, as amended. Any interested persons may attend this telephonic hearing using the
dial-in information above or send written comments and make known their view with respect to the Note,
the plan of financing, the location and nature of the Facilities, and the Project to be financed. Any written
comments should be submitted to The Industrial Development Authority of the County of Maricopa, c/o
Maricopa County, 10th Floor, 301 West Jefferson, Phoenix, Arizona 85003, Attention: President, and
clearly marked: “Deer Valley Gardens Project.” Written submissions should be mailed in sufficient time
to be received before the time of the hearing.
Date of Notice: February 4, 2021
THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MARICOPA
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