JESSE OWENS PARKWAY 2024 - BOS RESOLUTION.PDF

MC Board resolution—Jesse Owens 2024-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 HOUSING REVENUE BONDS (JESSE OWENS 
PARKWAY 
APARTMENTS 
PROJECT), 
SERIES 
2024, 
IN 
THE 
PRINCIPAL AMOUNT OF NOT TO EXCEED $59,000,000. 
 
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 Maricopa County, Arizona, 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 Housing 
Revenue Bonds (Jesse Owens Parkway Apartments Project), Series 2024 (the “Bonds”), in the 
principal amount of not to exceed $59,000,000, and to use the proceeds of the Bonds to make a 
loan (the “Loan”) to Jesse Owens Parkway Apartments, LLC, an Arizona limited liability 
company (the “Borrower”), pursuant to a Loan Agreement (the “Loan Agreement”) between the 
Authority and the Borrower; 
WHEREAS, the proceeds of the Loan will be used by the Borrower for the purpose of 
(i) financing a portion of the costs of the acquisition, construction and equipping of a 236-unit 
multifamily residential rental property to be known as the Jesse Owens Parkway Apartments, to 
be located at 300 E. Jesse Owens Parkway, Phoenix, Arizona, for occupancy by low and 
moderate income households (the “Project”), (ii) paying a portion of the interest on the Bonds 
through construction and lease-up of the Project; (iii) funding of one or more other reserve funds 
to secure the timely payment of the Bonds, if necessary; and (iv) paying a portion of the costs of 
issuing the Bonds; 
WHEREAS, on September 17, 2024, the Authority resolved (the “Authority’s 
Resolution”) to issue the Bonds and make the Loan, the Authority’s Resolution being 
conditioned upon, among other things, the granting of approval to the issuance of the Bonds 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 Authority’s Resolution has been duly considered on this 
date; 
WHEREAS, the Authority’s Resolution authorizes, among other things, the issuance, 
and delivery of the Bonds, the execution and delivery of the Indenture, the Loan Agreement and 
the Regulatory Agreement (as such terms are defined in the Authority’s Resolution), and such 
other documents as required for the issuance of the Bonds; 
WHEREAS, the terms, maturities, provisions for redemption, security, and sources of 
payment for the Bonds are set forth in the Indenture and in the form of the Bonds;

MC Board resolution—Jesse Owens 2024-Maricopa County IDA 
2 
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 issuance of the Bonds by the 
Authority requires the approval of the Maricopa County Board of Supervisors; 
WHEREAS, pursuant to Section 147(f) of the Code, the Maricopa County Board of 
Supervisors must approve the issuance of the Bonds 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 September 9, 2024, a public hearing with respect 
to the Bonds 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 September 16, 2024, at 9:00 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 September 
16, 2024 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 Bonds 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 Bonds in the aggregate principal amount of 
not to exceed $59,000,000 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 
Bonds.

MC Board resolution—Jesse Owens 2024-Maricopa County IDA 
3 
ADOPTED AND APPROVED on September 25, 2024. 
MARICOPA COUNTY BOARD OF 
SUPERVISORS 
 
 
Chairman 
 
ATTEST: 
 
 
Clerk, Maricopa County Board of Supervisors 
 
ATTACHMENT:  Notice of Public Hearing

NOTICE OF PUBLIC HEARING 
 
Notice is hereby given that at 9:00 a.m. MST, on September 16, 2024, 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 “Bonds”) by The Industrial Development Authority of the County of Maricopa (the 
“Authority”) in an amount not to exceed $59,000,000.  The Bonds may be issued in one or more 
series, from time to time and may include series of refunding obligations. 
The Authority will issue the Bonds 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 Bonds to Jesse Owens Parkway Apartments, LLC (the “Borrower”) to (i) finance a portion of 
the costs of the acquisition, construction and equipping of a 236-unit multifamily residential 
rental property to be known as the Jesse Owens Parkway Apartments, to be located at 300 E. 
Jesse Owens Parkway, Phoenix, Arizona (the “Facility”), and (ii) pay certain costs and expenses 
related to the issuance of the Bonds (collectively, the “Project”).  The Facility will be owned by 
the Borrower. 
The principal of, premium, if any, and interest on the Bonds 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 Bonds are issued. 
The hearing will commence at 9:00 a.m. MST, September 16, 2024, 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 Bonds 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: “Jesse Owens Parkway 
Apartments” for receipt before the time of the hearing. 
THE INDUSTRIAL DEVELOPMENT 
AUTHORITY OF THE COUNTY OF 
MARICOPA