STEEPLE CHASE 2022 - BOS RESOLUTION.PDF

MC Board resolution—Steeple chase 2022-Maricopa County IDA 
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 
(STEEPLE 
CHASE 
APARTMENTS 
PROJECT), SERIES 2022A AND SUBORDINATE MULTIFAMILY NOTE 
(STEEPLE CHASE APARTMENTS PROJECT), SERIES 2022B, IN THE 
AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $20,000,000. 
 
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 (Steeple 
Chase Apartments Project), Series 2022A (the “2022A Note”) and Subordinate Multifamily Note 
(Steeple Chase Apartments Project), Series 2022B (together with the 2022A Note, the “Notes”), in 
the aggregate principal amount of not to exceed $20,000,000, for the benefit of Steeple Chase 
Preservation Apartments, LLC, a Washington limited liability company (the “Borrower”), to 
evidence two loans (together, the “Funding Loans”) made to the Authority by KeyBank National 
Association, a national banking association (the “Funding Lender”) pursuant to a Funding Loan 
Agreement (the “Funding Loan Agreement”) among the Authority, U.S. Bank Trust Company, 
National Association, as fiscal agent, and the Funding Lender and a Subordinate Funding Loan 
Agreement (together with the Funding Loan Agreement, the “Funding Loan Agreements”) among 
the Authority, U.S. Bank Trust Company, National Association, as fiscal agent, and the Funding 
Lender; 
WHEREAS, the proceeds of the Funding Loans will be used by the Authority to make two 
loans to the Borrower (the “Project Loans”) for the purpose of (i) financing a portion of the costs of 
the acquisition, rehabilitation, equipping and operation of an approximately 110-unit multifamily 
residential rental housing property commonly known as Steeple Chase Apartments, located at 8610 
North 91st Avenue, Peoria, Maricopa County, Arizona, and (ii) paying certain costs and expenses 
related to the issuance of the Notes (collectively, the “Project”), all as permitted by the Act; 
WHEREAS, the Notes will be delivered to Funding Lender, and the 2022A Note will then 
be delivered by the Funding Lender to The Federal Home Loan Mortgage Corporation, a 
shareholder-owned government-sponsored enterprise (“Freddie Mac”); 
WHEREAS, on September 13, 2022, the Authority resolved (the “Authority’s 
Resolution”) to issue the Notes and make the Project Loans, the Authority’s Resolution being 
conditioned upon, among other things, the granting of approval to the issuance of the Notes by the 
Maricopa County Board of Supervisors;

MC Board resolution—Steeple chase 2022-Maricopa County IDA 
2 
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 Agreements, the 
Project Loan Agreements, the Regulatory Agreement and the Governmental Lender’s Tax 
Certificate (as such terms are defined in the Funding Loan Agreements), and such other documents 
as required for the issuance of the Notes; 
WHEREAS, the terms, maturities, provisions for redemption, security, and sources of 
payment for the Notes are set forth in the Funding Loan Agreements and in the form of the Notes; 
WHEREAS, copies of the documents providing for the issuance of the Notes 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 Notes are to be issued require the approval of the Maricopa County Board of 
Supervisors for the issuance of the Notes; 
WHEREAS, pursuant to Section 147(f) of the Code, the Maricopa County Board of 
Supervisors must approve the issuance of the Notes after a public hearing following reasonable 
public notice; 
WHEREAS, following publication of a Notice of Public Hearing on the Authority’s 
website, available at http://www.mcida.com, on August 2, 2022, a public hearing with respect to 
the Notes 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 August 16, 2022, at 9 a.m, MST, 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 August 16, 
2022 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 Notes 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 Notes in the aggregate principal amount of not 
to exceed $20,000,000 is approved for all purposes under the Act and the Code.

MC Board resolution—Steeple chase 2022-Maricopa County IDA 
3 
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 
Notes. 
ADOPTED AND APPROVED on September 28, 2022. 
MARICOPA COUNTY BOARD OF 
SUPERVISORS 
 
 
Chairman 
 
ATTEST: 
 
 
Clerk, Maricopa County Board of Supervisors 
 
ATTACHMENT:  Notice of Public Hearing

MC Board resolution—Steeple chase 2022-Maricopa County IDA 
Notice of Public Hearing 
Notice is hereby given that at 9:00 a.m. MST, on August 16, 2022, a public hearing will be 
held as required by Section 147(f) of the Internal Revenue Code of 1986 with respect to a plan of 
finance for the proposed issuance of one or more tax-exempt obligations (collectively, the “Note”) 
by The Industrial Development Authority of the County of Maricopa (the “Authority”) in an 
amount not to exceed $20,000,000.  The Note may be issued as one or more series issued from 
time to time and may include series of refunding obligations. 
The Authority will issue the Note pursuant to Title 35, Chapter 5, Arizona Revised 
Statutes, as amended, for the purpose of financing a qualified residential rental facility under 
Section 142(d) of the Internal Revenue Code of 1986, as amended, and will loan the proceeds of 
the Note to Steeple Chase Preservation Apartments, LLC (the “Borrower”) to (i) finance a portion 
of the costs of the acquisition, rehabilitation, equipping and operation of a 110-unit multifamily 
residential rental property commonly known as the Steeple Chase Apartments, located at 8610 
North 91st Avenue, Peoria, 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 shall never constitute the debt 
or indebtedness or liability of the Authority, Maricopa County, the State of Arizona, or any 
political subdivision of the State of Arizona within the meaning of any provision of the 
Constitution of the State of Arizona, and shall not constitute or give rise to a pecuniary liability 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 hearing will commence at 9:00 a.m. MST, August 16, 2022, and will be held 
telephonically by an authorized representative of The Industrial Development Authority of 
the County of Maricopa via the toll-free dial-in number of 1-833-220-6615 (enter code 970133 
and press #).  Interested persons wishing to express their views on either the plan of finance for 
the issuance of the Note or the Project will be given an opportunity to do so at the public hearing, 
or may, prior to the time of the hearing, submit written comments to The Industrial Development 
Authority of the County of Maricopa, 8687 E. Via de Ventura, Suite 306, Scottsdale, 
Arizona 85258, Attention: President, clearly marked: “Steeple Chase Apartments” for receipt 
before the time of the hearing. 
THE INDUSTRIAL DEVELOPMENT 
AUTHORITY OF THE COUNTY OF 
MARICOPA