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4884-3425-6851.3
Intel Corporation
Application for Financing
By
The Industrial Development Authority
of the City of Chandler, Arizona
In an Amount Not to Exceed $700,000,000
January 22, 2024
AFFIDAVIT IN SUPPORT OF REQUEST FOR EXTENSION OF RESOLUTION
GRANTING PRELIMINARY APPROVAL
I, Robert M. Friess, Corporate Vice President and Treasurer, being authorized to make this Affidavit on behalf
of Intel Corporation (the "Applicant"), upon my oath depose and say:
1.
The Applicant received preliminary approval from The Industrial Development Authority of
the City of Chandler, Arizona (the "Authority") on February 13, 2024.
2.
Since the date of preliminary approval, the Applicant has taken the following action in furtherance of the
Application:
A. begun the acquisition, construction, improving and equipping of the Project (as
defined in the preliminary approval); and
B. discussed the timing of the submission of a volume cap application to the
Arizona Finance Authority with Bond Counsel and was informed that volume cap
is expected to be difficult to obtain for other than housing in 2024.
3.
The Applicant is not now in a position to seek final approval from the Authority nor close on the issuance
of the Bonds because of the following reasons:
A. we continue to work to identify Project costs that will qualify for
tax-exempt financing under federal and State of Arizona laws; and
B. according to the Arizona Finance Authority, based upon the volume cap
applications in process, as of 7/1/2024 there is no more 2024 volume cap allocation
available and no more applications will be accepted until further notice.
4.
The Applicant believes that the reasons set forth in paragraph 3 constitute good cause for extending the
Authority's approval for a period of one year, within which time the Applicant would hope to be in a
position to request final approval from the Authority and perform all acts necessary to close on the
issuance of the Bonds for which approval had been granted.
5.
The Applicant hereby requests the Authority to extend the preliminary approval heretofore granted
Applicant for a period of one year (through August 13, 2025).
6.
The Applicant requests waiver of the $500 additional nonrefundable fee to the Authority in consideration
of the Authority’s willingness to consider the requested extension of Preliminary Approval pursuant to
the Second Extension Agreement entered into by the Authority and the Applicant as of February 13, 2024.
Docusign Envelope ID: DE44477E-3583-46BD-9947-1DA02165AD0D
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4884-3425-6851.3
7.
The initial capitalized terms used in this Affidavit shall have the meanings ascribed to such terms in the
Authority's Procedural Pamphlet effective as of September 9, 2008.
Dated: July 30, 2024
INTEL CORPORATION
By:
Robert M. Friess
Its: Corporate Vice President and
Treasurer
Docusign Envelope ID: DE44477E-3583-46BD-9947-1DA02165AD0D