Attachment A - Emory Heights 2025 - City Council Resolution FINAL.pdf

DRAFT
4923-0413-5968.2  
RESOLUTION _____ 
A RESOLUTION APPROVING THE PLAN OF FINANCING 
AND ISSUANCE OF NOT TO EXCEED $15,000,000 
PRINCIPAL AMOUNT OF ONE OR MORE TAX-EXEMPT 
AND/OR TAXABLE SERIES OF MULTIFAMILY HOUSING 
REVENUE 
BONDS 
(EMORY 
HEIGHTS) 
OF 
THE 
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY 
OF PHOENIX, ARIZONA  
_______________ 
WHEREAS, The Industrial Development Authority of the City of Phoenix, 
Arizona (the “Authority”), is a nonprofit corporation designated a political subdivision of 
the State of Arizona (the “State”) incorporated with the approval of the City of Phoenix, 
Arizona (the “City”); and 
WHEREAS, Title 35, Chapter 5, of the Arizona Revised Statutes, Section 
35-701 et seq., as amended (the “Act”), authorizes the Authority to issue revenue bonds
for the purposes set forth in the Act, including the making of secured and unsecured loans 
to finance or refinance the acquisition, construction, improvement, equipping or operation 
of a “project” (as defined in the Act) whenever the Board of Directors of the Authority (the 
“Authority Board”) finds such loans to further advance the interests of the Authority or the 
public interest, and to refund outstanding obligations incurred by an enterprise to finance 
the costs of a “project” when the Authority Board finds that the refinancing is in the public 
interest; and 
WHEREAS, Phoenix North 17th Avenue LP, an Arizona limited partnership 
(the “Borrower”), has requested that the Authority issue its revenue bonds for the purpose 
of assisting the Borrower to finance and/or refinance, as applicable, all or a portion of the 
cost of: (a) the acquisition, construction, development, improvement, equipping and/or 
Attachment A

DRAFT
2 
Resolution No. ______ 
4923-0413-5968.2  
operating of a multifamily residential rental housing community to be known as “Emory 
Heights” (including improvements and facilities functionally related and subordinate 
thereto) expected to be comprised of approximately 62 units (all or a portion of which will 
be set aside for occupancy by low- to moderate-income tenants) to be situated on 
approximately 1.519 acres and generally located at 5307 and 5245 North 17th Avenue, 
Phoenix, Arizona 85015, (b) funding any required reserve funds, (c) paying capitalized 
interest on the below-defined Bonds, if any, and (d) paying costs and expenses incurred 
in connection with the issuance of such Bonds (collectively, the “Project”); and 
WHEREAS, the Authority, by Resolution 2025-06, adopted by the Authority 
Board at a meeting called and held on March 20, 2025, as ratified by the Authority Board 
at a meeting duly called and held on March 26, 2025, granted approval of the issuance 
and sale of its Multifamily Housing Revenue Bonds (Emory Heights), in one or more tax-
exempt and/or taxable series (the “Bonds”), from time to time pursuant to a plan of 
financing, in an aggregate principal amount not to exceed $15,000,000, the proceeds of 
which will be used to finance the Project; and 
WHEREAS, Section 35-721(B) of the Act provides that the proceedings of 
the Authority under which the Bonds are to be issued require the approval of the Council 
of the City; and 
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as 
amended (the “Code”), requires that an “applicable elected representative” (as that term 
is defined in the Code) approve the issuance of the tax-exempt portion of the Bonds and 
the plan of financing for the Project following a public hearing, which public hearing was 
held by the Authority on March 13, 2025; and

DRAFT
 
 
 
3 
Resolution No. ______ 
4923-0413-5968.2  
WHEREAS, information regarding the Project to be financed with the 
proceeds of the Bonds has been presented to the Council of the City; and 
WHEREAS, it is intended that this Resolution shall constitute approval by 
the Council of the City pursuant to Section 35-721(B) of the Act and of the “applicable 
elected representative” as defined in Section 147(f) of the Code with respect to the Bonds. 
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY 
OF PHOENIX, ARIZONA as follows: 
SECTION 1. The proceedings of the Authority under which the Bonds are 
to be issued are hereby approved. 
SECTION 2. The issuance of the Bonds and the plan of financing for the 
Project are hereby approved for purposes of Section 147(f) of the Code. 
SECTION 3.  Notice of Arizona Revised Statutes Section 38-511 is hereby 
given.  The provisions of that statute are by this reference incorporated herein to the 
extent of their applicability to matters contained herein.

DRAFT
4 
Resolution No. ______ 
4923-0413-5968.2  
PASSED BY THE COUNCIL OF THE CITY OF PHOENIX, ARIZONA this 
23rd day of April, 2025. 
MAYOR 
ATTEST: 
 City Clerk 
APPROVED AS TO FORM: 
 
City Attorney
REVIEWED BY: 
City Manager