CITY COUNCIL RESOLUTION-DORSEY STATION 2026-TEMPE IDA.DOCX

Resolution No. R2026.85
1
RESOLUTION NO. R2026.85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY 
OF TEMPE, ARIZONA, APPROVING THE ISSUANCE BY 
THE INDUSTRIAL DEVELOPMENT AUTHORITY OF 
THE CITY OF TEMPE, ARIZONA OF ITS MULTIFAMILY 
HOUSING 
REVENUE 
BONDS 
(DORSEY 
STATION 
APARTMENTS PROJECT), SERIES 2026A AND TAXABLE 
MULTIFAMILY HOUSING REVENUE BONDS (DORSEY 
STATION APARTMENTS PROJECT), SERIES 2026B, IN 
THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO 
EXCEED $48,500,000.
WHEREAS, The Industrial Development Authority of the City of Tempe, Arizona (the 
“Authority”) is a nonprofit corporation designated a political subdivision of the State of Arizona, 
incorporated with the approval of City of Tempe, 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 (Dorsey Station Apartments Project), Series 2026A and Taxable Multifamily 
Housing Revenue Bonds (Dorsey Station Apartments Project), Series 2026B (together, the 
“Bonds”), in the aggregate principal amount of not to exceed $48,500,000, and to use the 
proceeds of the Bonds to make a loan (the “Loan”) to Residences at Dorsey, 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 (a) 
financing a portion of the costs of the development, construction and equipping of a 167-unit 
multifamily residential rental property to be known as the Dorsey Station Apartments, to be 
located at the northeast corner of East Apache Boulevard and South Dorsey Lane in Tempe, 
Arizona, for occupancy by low and moderate income households (the “Project”), and (b) paying 
a portion of the costs of issuing the Bonds;
WHEREAS, on June 4, 2026, 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 City Council of the 
City of Tempe, Arizona;
WHEREAS, the Authority’s Resolution has been made available to the City Council of 
the City of Tempe, Arizona, and the Authority’s Resolution has been duly considered on this 
date;

Resolution No. R2026.85
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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, the 
Regulatory Agreement, and the Non-Arbitrage Certificate (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 forms of the Bonds;
WHEREAS, the City Council of the City of Tempe, Arizona has 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 City Council of the City of Tempe, Arizona;
WHEREAS, pursuant to Section 147(f) of the Code, the City Council of the City of 
Tempe, Arizona must approve the issuance of the Bonds after a public hearing following 
reasonable public notice;
WHEREAS, following publication on May 27, 2026 of a Notice of Public Hearing in The 
Record Reporter, a newspaper of general circulation in the jurisdiction of the Project and the 
Authority, 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 June 4, 2026, 
at 9:00 a.m, Arizona Time, 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 June 4, 
2026 has been presented to and considered by the City Council of the City of Tempe, Arizona; 
and
WHEREAS, it is intended that this Resolution shall constitute approval by the City 
Council of the City of Tempe, Arizona with respect to the issuance of the Bonds pursuant to (a) 
Section 35-721.B of the Act, and (b) Section 147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 
OF TEMPE, ARIZONA, as follows:
That the issuance by the Authority of the Bonds in the aggregate principal amount of not 
to exceed $48,500,000 is approved for all purposes under the Act and the Code.
That the appropriate officers of the City Council of the City of Tempe, Arizona are 
hereby authorized and directed to do all such things to execute and deliver all such documents on 
behalf of the City Council of the City of Tempe, Arizona 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.

Resolution No. R2026.85
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PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF TEMPE, 
ARIZONA on this 25th day of June, 2026.
Corey D. Woods, Mayor
ATTEST:
Kara A. DeArrastia, City Clerk
APPROVED AS TO FORM:
Eric C. Anderson, City Attorney
ATTACHMENT: Notice of Public Hearing