ALTA VISTA APARTMENTS 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 NOTE (ALTA VISTA VILLAGE PROJECT),
SERIES 2016, IN THE AGGREGATE PRINCIPAL AMOUNT OF 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 seq. (the “Act”), to issue revenue 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 tax-exempt Multifamily Note (Alta Vista
Village Project), Series 2016 (the “Note”), in the aggregate principal amount of not to exceed
$12,000,000, for the benefit of Alhambra Partners L.P., an Arizona limited partnership
(the “Borrower”), to evidence a loan (the “Funding Loan”) made to the Authority by Sterling
Bank, a Missouri non-fiduciary trust company (the “Initial Funding Lender”) pursuant to the
Funding Loan Agreement (the “Funding Loan Agreement”) among the Authority, U.S. Bank
National Association, as fiscal agent, and the Initial Funding Lender;
WHEREAS, the proceeds of the Funding Loan will be used by the Authority to make a
loan to the Borrower (the “Project Loan”) for the purpose of (i) financing a portion of the costs of
the acquisition, rehabilitation, equipping and operation of an approximately 182-unit multifamily
residential rental housing property commonly known as Alta Vista Village, located at 4540-4647
N. 39th Avenue, Phoenix, Arizona, and (ii) paying certain costs and expenses related to the
issuance of the Note (collectively, the “Project”), all as permitted by the Act;
WHEREAS, the Note will be initially delivered to the Initial Funding Lender, and is
expected to be subsequently transferred, upon completion of the rehabilitation of the Project and
the satisfaction of certain conversion conditions, to Greystone Servicing Corporation, Inc., and
then to The Federal Home Loan Mortgage Corporation, a shareholder-owned government-
sponsored enterprise (“Freddie Mac”);
WHEREAS, on April 12, 2016, the Authority resolved (the “Authority’s Resolution”) to
issue the Note and make the Project Loan, 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 on this date;
WHEREAS, the Authority’s Resolution authorizes, among other things, the issuance,
making and delivery of the Note, the execution and delivery of the Funding Loan Agreement, the
Project Loan Agreement, the Regulatory Agreement and the Tax Certificate (as such terms are
MC BOARD OF SUPERVISORS RESOLUTION

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;
WHEREAS, the Maricopa County Board of Supervisors have been informed that the
documents have been reviewed by competent Bond Counsel, Pacifica Law Group 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 are 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 February 22, 2016, 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
March 8, 2016, at the Maricopa County Administration Building, First Floor Lobby, 301 West
Jefferson, Phoenix, Arizona 85003, and 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
March 8, 2016 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 MARICOPA COUNTY
BOARD OF SUPERVISORS, as follows:
1. The issuance by the Authority of the Note in the aggregate principal amount of
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.
MC BOARD OF SUPERVISORS RESOLUTION 2

ADOPTED AND APPROVED on April 20, 2016.
MARICOPA COUNTY BOARD OF
SUPERVISORS
Chairman
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
MC BOARD OF SUPERVISORS RESOLUTION 3

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
“Authority”) on Tuesday, March 8, 2016, commencing at 8:30 a.m., MST, in the Maricopa
County Administration Building, First Floor Lobby, 301 West Jefferson, Phoenix, Arizona
85003, regarding the proposed issuance by the Authority of its Multifamily Residential Rental
Housing Revenue Note (Alta Vista Village Project), Series 2016 (the “Note”) in an aggregate
principal amount not to exceed $12,000,000.
The proceeds of the Note will be loaned to Alhambra Partners, L.P., an Arizona limited
partnership (the “Borrower”) to (i) finance a portion of the costs of the acquisition, rehabilitation,
equipping and operation of an 182-unit multifamily residential rental property commonly known
as the Alta Vista Village, located at 4510-4647 N. 39th Avenue, Phoenix, Arizona
(the “Facility”), and (ii) pay certain costs and expenses related to the issuance of the Note
(collectively, the “Project”). The Facility will be owned by the Borrower.
The principal of, premium, if any, and interest on the Note will not constitute an
indebtedness or liability of the Authority, 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.
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 Note and the location and nature of 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: “Alta Vista Village
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
MC BOARD OF SUPERVISORS RESOLUTION 4