LA VICTORIA COMMONS 2024 - BOS RESOLUTION.PDF

Board of Supervisors Resolution 
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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 (LA VICTORIA 
COMMONS 4% PROJECT), SERIES 2024, IN AN AGGREGATE 
PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000 
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, Arizona Revised Statutes. § 35-701 et seq. (the “Act”), to 
issue bonds, notes and other obligations for the purposes set forth in the Act, including the making of 
secured and/or unsecured loans for the purpose of financing or refinancing the acquisition, 
construction, improvement, equipping or operating of a “project” (as defined in the Act); 
WHEREAS, the Authority proposes to issue its Multifamily Housing Revenue Note (La 
Victoria Commons 4% Project), Series 2024 (the “Note”), as tax-exempt and/or taxable “bonds” 
(within the meaning of the Act), in one or more series or subseries, in an aggregate principal 
amount not to exceed $15,000,000, for the benefit of La Victoria Commons 4% LIHTC, LP 
(the “Borrower”), an Arizona limited partnership; 
WHEREAS, the proceeds of the Note will be loaned by the Authority to the Borrower to 
assist in financing a portion of the costs of constructing, improving, and equipping of 52 low-
income apartment units on the 4th and 5th floors of a 5-story mixed-use building to be known as 
“La Victoria Commons” (the “Project”) generally located at 2320 E. Apache Blvd, Tempe, 
Arizona 85288, pay interest on the Note, fund any required reserves, and pay certain expenses 
relating to the issuance and sale of the Note; 
WHEREAS, the City of Tempe owns the real property on which the La Victoria Commons 
mixed-use, affordable rental community will be built pursuant to the terms of a City of Tempe 
disposition and development agreement and a long-term ground lease; 
WHEREAS, on March 12, 2024, 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 and considered by the 
Maricopa County Board of Supervisors; 
WHEREAS, the Authority’s Resolution authorizes, among other things, the issuance and 
sale of the Note, and the execution and delivery of a funding loan agreement among the Authority, 
the initial lender and a corporate fiscal agent (the “Funding Loan Agreement”) and related 
financing documents, as well as other documents 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;

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Board of Supervisors Resolution 
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WHEREAS, the Maricopa County Board of Supervisors has been informed that the 
documents have been reviewed by competent bond counsel, Squire Patton Boggs (US) 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 Note 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 Note after a public hearing following reasonable 
public notice;  
WHEREAS, pursuant to Section 147(f) of the Code, following publication by posting on 
the Authority’s website of a Notice of Public Hearing, a public hearing with respect to the Note 
and the location and nature of the Project to be financed was held telephonically by an authorized 
representative of the Authority on February 23, 2024, commencing at 8:45 a.m., MST, via the toll 
free dial-in number of 1-833-220-6615, code 970133 (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 February 23, 
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 Note pursuant to Section 35-721.B 
of the Act and 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 an aggregate principal amount not to 
exceed $15,000,000 is approved for all purposes under the Act, including specifically 
Section 35-721.B, and Section 147(b) of 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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Board of Supervisors Resolution 
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ADOPTED AND APPROVED on March 27, 2024. 
 
 
 
 
 
 
 
 
Chairman, Maricopa County Board of 
Supervisors 
ATTEST: 
 
 
 
 
 
 
 
Clerk, Maricopa County Board of Supervisors 
 
ATTACHMENT: Notice of Public Hearing

1100114102\4\AMERICAS 
NOTICE OF PUBLIC HEARING 
PUBLIC NOTICE IS HEREBY GIVEN for purposes of Section 147(f) of the Internal Revenue 
Code of 1986, as amended (the “Code”), that a public hearing will be held telephonically by an authorized 
representative of The Industrial Development Authority of the County of Maricopa (the “Issuer”) on 
February 23, 2024, commencing at 8:45 a.m., MST, or as soon thereafter as this item may be heard, via the 
toll free dial-in number of 1-833-220-6615, enter code 970133 and press #.  The public hearing is being 
conducted for the purpose of receiving comments and hearing the discussion concerning the proposed 
issuance by the Issuer of its Multifamily Housing Revenue Note (La Victoria Commons 4% Project), Series 
2024 (collectively, the “Obligations”) to be issued in one or more tax-exempt series, pursuant to a plan of 
finance in a maximum aggregate principal amount of $15,000,000 for the Project (as defined below). The 
proceeds of the Obligations will be used to provide a “qualified residential rental project” under Section 
142(d) of the Code. 
The proceeds of the Obligations will be loaned to La Victoria Commons 4% LIHTC, LP, an 
Arizona limited partnership (the “Borrower”).  The Borrower will apply the proceeds of the Obligations to 
finance or refinance, including through reimbursement, all or a portion of: (1) the costs of constructing, 
improving and equipping of a portion of a residential apartment building to be known as “La Victoria 
Commons” to be generally located at 2320 E. Apache Blvd, Tempe, Arizona 85288 (the “Project”); 
(2) interest on the Obligations; (3) the costs of funding a deposit to a debt service reserve fund, if any; and 
(4) the issuance costs of the Obligations.  The Project financed with the proceeds of the Obligations will be 
owned and operated by the Borrower. 
The principal of, premium, if any, and interest on the Obligations will not constitute a debt or 
liability of the Issuer, Maricopa County, 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 Obligations are issued. 
Any interested person may attend or send written comments and express his or her view with 
respect to the Obligations 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, 8687 East Via 
de Ventura, Suite 306, Scottsdale, Arizona 85258, Attention:  President, and clearly marked: “La Victoria 
Commons.” Written submissions should be mailed in sufficient time to be received before the time of the 
hearing. 
Date: February15, 2024 
THE INDUSTRIAL DEVELOPMENT 
AUTHORITY OF THE COUNTY OF MARICOPA