MCIDA HERITAGE AT SURPRISE BS RESOLUTION.DOCX

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 (HERITAGE AT
SURPRISE PROJECT), SERIES 2018, IN ONE OR MORE TAX-EXEMPT
AND/OR TAXABLE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $12,000,000
WHEREAS, The Industrial Development Authority of the County of Maricopa (the
"Authority") is a nonprofit corporation designated a political subdivision of the State of Arizona
incorporated with the approval of the County of Maricopa, empowered under the Industrial
Development Financing Act, A.R.S. § 35-701 et sec. (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 Authority proposes to issue its Multifamily Housing Revenue Note (Heritage
at Surprise Project), Series 2018 (the "Note"), in one or more tax-exempt and/or taxable series, in an
aggregate principal amount not to exceed $12,000,000, for the benefit of Heritage at Surprise, LLC, a
Wisconsin limited liability company (the "Borrower"), in which the Housing Authority of Maricopa
County (“HAMC”), a political subdivision of the State of Arizona, will have an indirect ownership
interest;
WHEREAS, the proceeds of the Note will be loaned by the Authority to the Borrower or its
affiliate for the purpose of (i) financing a portion of the costs of the capital improvements associated
with the construction, improvement, equipping and/or operation, as applicable, of a multifamily
residential rental housing project consisting of approximately 100 units, together with any functionally
related and subordinate facilities, to be known as Heritage at Surprise Apartments (or by a similar
name), and to be located on land leased by the City of Surprise, Arizona to HAMC and subleased by
HAMC to the Borrower, which land is located near and around 15832 North Hollyhock Street in
Surprise, Arizona 85378, and which land is presently known on Maricopa County Tax Parcel No. 501-
70-039A; (ii) funding reserves, if any; (iii) paying capitalized interest on all or a portion of the Note, if
any; and (iv) paying certain costs and expenses related to the issuance of the Note (collectively, the
“Project”), all as permitted by the Act;
WHEREAS, at a meeting of the Authority Board, the Authority resolved (the "Authority's
Resolution") to issue the Note, the Authority'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 Authority's Resolution has been made available to the Maricopa County
Board of Supervisors, and the Resolution has been duly considered this date;
WHEREAS, the Authority's Resolution authorizes, among other things, the issuance and sale
of the Bonds, the execution and delivery of the Funding Loan Agreement, the Project Loan Agreement,
the Tax Regulatory Agreement, the Tax Certificate (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 Authority's Resolution;
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WHEREAS, the Maricopa County Board of Supervisors have been informed that the
documents have been reviewed by competent Bond Counsel, Kutak Rock LLP, and 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 Authority 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 in The Record Reporter on
September 24, 2018, a public hearing with respect to the Note and the location and nature of the Project
to be financed was held by the Authority, pursuant to Section 147(f) of the Code, on October 8, 2018, at
the Maricopa County Administration Building, First Floor Lobby, 301 West Jefferson, Phoenix,
Arizona 85003, a copy of the Notice of Public Hearing is attached hereto and made a part of this
Resolution;
WHEREAS, a Report of Public Hearing regarding the Public Hearing held on October 8, 2018
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 Authority of the Note in an aggregate principal amount not to
exceed $12,000,000 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 Authority's Resolution in connection with the issuance of the Note.
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ADOPTED AND APPROVED this 24th day of October, 2018.
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 by a
representative of The Industrial Development Authority of the County of Maricopa (the “Issuer”)
on October 8, 2018, commencing at 9:00 a.m., MST, in the Maricopa County Administration
Building, First Floor Lobby, 301 West Jefferson, Phoenix, Arizona 85003, regarding the Issuer’s
Multifamily Housing Revenue Bonds (Heritage at Surprise Project), Series 2018 (the “Bonds”)
to be issued pursuant to a plan of finance in an aggregate principal amount not to exceed
$12,000,000, in one or more tax-exempt and/or taxable series.
The proceeds of the Bonds will be used to make a loan to Heritage at Surprise, LLC, a
Wisconsin limited liability company (the “Borrower”), of which the Housing Authority of
Maricopa County (“HAMC”), a political subdivision of the State of Arizona, will have an
indirect ownership interest, for the purposes of: (i) financing a portion of the costs of the capital
improvements associated with the construction, improvement, equipping and/or operation, as
applicable, of a multifamily residential rental housing project consisting of approximately 100
units, together with any functionally related and subordinate facilities, to be known as Heritage at
Surprise Apartments (or by a similar name), and to be located on land leased by the City of
Surprise, Arizona to HAMC and subleased by HAMC to the Borrower, which land is located
near and around 15832 North Hollyhock Street in Surprise, Arizona 85378, and which land is
presently known on Maricopa County Tax Parcel No. 501-70-039A (the capital improvements to
the land to be developed by Borrower constitute the “Facilities”); (ii) funding reserves, if any;
(iii) paying capitalized interest on all or a portion of the Bonds, if any; and (iv) paying certain
costs and expenses related to the issuance of the Bonds (collectively, the “Project”).
The Facilities will be owned and operated by the Borrower, or an affiliate of the
Borrower.
The principal of, premium, if any, and interest on the Bonds 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 Bonds are issued.
This public notice is published pursuant to the requirements of Section 147(f) of the
Internal Revenue Code of 1986, as amended. Any interested persons may attend or send written
comments and make known their view with respect to the Bonds and the location and nature of
the Project to be financed and the plan of finance. 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:
“Heritage at Surprise Project”. Written submissions should be mailed in sufficient time to be
received before the time of the hearing.
THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MARICOPA
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