RESOLUTION 19-001 RESTRUCTURE THE OWNERSHIP OPERATIONS AND FINANCING OF MARICOPA SCATTERED SITE REVITALIZATION.DOCX

RESOLUTION 19-001
RESTRUCTURE THE OWNERSHIP, OPERATIONS AND FINANCING OF THE AFFORDABLE HOUSING SITE
COLLECTIVELY KNOWN AS MARICOPA SCATTERED SITE REVITALIZATION
WHEREAS, Maricopa Scattered Site Revitalization is a low income residential housing project consisting of
thirty-five (35) Units in thirty-five (35) buildings on scattered sites in Maricopa County, Arizona
(“Revitalization Project”); and
WHEREAS, the Revitalization Project was developed as a mixed finance partnership among the predecessor
to Housing Authority of Maricopa County (HAMC), Community Services of Arizona, Inc., an Arizona non-
profit organization (“CSA”), and Enterprise Housing Partners X Limited Partnership, a Delaware limited
partnership (“Enterprise”), and formed an Arizona limited liability company known as Maricopa
Revitalization Partnership, LLC (“MRP”) of which HAMC as CSA-Maricopa is the managing member; and
WHEREAS, Enterprise is withdrawing its membership from CSA-Maricopa MRP, and as the managing
member, it is necessary for HAMC to enter into negotiations and agreements to restructure the
Revitalization Project to ensure the integrity and long-term availability of the housing for its residents; and
WHEREAS, HAMC has received conditional approvals regarding its restructure efforts for the Revitalization
Project from Enterprise, subject to further negotiation finalization of certain transaction documents.
NOW THEREFORE:
BE IT RESOLVED that the Board of Commissioners of the Housing Authority of Maricopa County hereby
adopts Resolution 19-001, accepts the investor’s exit from the Maricopa Revitalization Partnership, LLC,
and authorizes the Executive Director to:
1. Take any and all actions for the purpose of restructuring the Maricopa Revitalization Project,
including but not limited to negotiation and execution of management, operational and financial
documents to effectuate the reorganization; the negotiation and execution of organizational
documents, Articles of Amendment to Articles of Organization, Amendments to Operating
Agreements, Resolutions, and Articles of Termination; and, the negotiation and execution of all
government-related documents and any such other documents in support of purposes set forth in
this Resolution.
Dated this ______________________ ____ day of ________________________________________, 2019.
Housing Authority of Maricopa County
ATTEST:
Chairman
Clerk of the Board
Approved As To Form
Attorney to Housing Authority