SUMMIT AT MARBELLA RANCH - BOS RESOLUTION (FINAL 4-29-26).PDF

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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 
ONE OR MORE SERIES OF ITS TAX-EXEMPT AND/OR TAXABLE, 
SENIOR 
AND/OR 
SUBORDINATE 
MULTIFAMILY 
HOUSING 
REVENUE BONDS (SUMMIT AT MARBELLA RANCH PROJECT), 
SERIES 2026, IN AN AGGREGATE ORIGINAL PRINCIPAL AMOUNT 
NOT TO EXCEED $48,000,000 
WHEREAS, The Industrial Development Authority of the County of Maricopa (the 
“Issuer”) 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 
revenue bonds 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, 
equipping or operating of a “project” (as defined in the Act); 
WHEREAS, the Issuer proposes to issue one or more series of its tax-exempt and/or 
taxable, senior and/or subordinate Multifamily Housing Revenue Bonds (Summit at Marbella 
Ranch Project), Series 2026 (the “Bonds”), in an aggregate original principal amount not to exceed 
$48,000,000, for the benefit of Marbella Ranch AH II, LLLP, a Minnesota limited liability limited 
partnership, together with its affiliates and related entities (the “Borrower”); 
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer, in one or more loans, 
to the Borrower for the purposes of financing and/or refinancing, as applicable, a portion of the costs 
of: (i) the acquisition, construction, improvement, equipping and/or operation, as applicable, of a 
qualified residential rental facility (including improvements and facilities functionally related and 
subordinate thereto) which is expected to be comprised of approximately 252 units (all or a portion 
of which will be set aside for occupancy by low- to moderate-income tenants) situated on 
approximately 16.6 acres of real property located at or near the southeast corner of El Mirage Road 
and Northern Parkway in Maricopa County, Arizona (collectively, the “Facilities”), (ii) funding any 
required reserves, (iii) paying capitalized interest on the Bonds, if any, and (iv) paying certain costs 
and expenses related to the issuance of the Bonds (collectively, the “Project”); 
WHEREAS, on May 12, 2026, the Issuer resolved (the “Issuer’s Resolution”) to issue the 
Bonds, the Issuer’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 Issuer’s Resolution has been made available to the Maricopa County 
Board of Supervisors, and the Issuer’s Resolution has been duly considered this date; 
WHEREAS, the Issuer’s Resolution authorizes, among other things, the issuance and sale 
of the Bonds, the execution and delivery of a trust indenture and related financing documents as 
well as such other documents 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 form of the trust indenture and in the form of the Bonds;

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WHEREAS, the Maricopa County Board of Supervisors has been informed that the 
documents have been reviewed by competent Bond Counsel, Kutak Rock LLP, and Bond Counsel 
has determined that the documents adequately meet the requirements of the Act and the Code; 
WHEREAS, pursuant to Section 35-721.B of the Act, the issuance of the Bonds by the 
Issuer 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, pursuant to Section 147(f) of the Code, following publication by posting on 
the Issuer’s website of a Notice of Public Hearing, a public hearing with respect to the Bonds and 
the location and nature of the assets, operations and Facilities and to be financed was held 
telephonically by an authorized representative of the Issuer on April 28, 2026 (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 April 28, 
2026, 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 (a) Section 
35-721.B of the Act and (b) 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 Issuer of the Bonds in an aggregate principal amount not to 
exceed $48,000,000 is approved for all purposes under the Act, including specifically 
Section 35-721.B, and Section 147(f) 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 Issuer’s Resolution in connection with the issuance of the Bonds. 
ADOPTED AND APPROVED on May 20, 2026. 
 
 
 
 
 
 
 
 
 
Chair, Maricopa County Board of Supervisors 
ATTEST: 
 
 
 
 
 
 
 
 
Clerk, Maricopa County Board of Supervisors 
 
 
ATTACHMENT:  Notice of Public Hearing

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NOTICE OF PUBLIC HEARING 
PUBLIC NOTICE IS HEREBY GIVEN 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 April 28, 2026, commencing at 9:30 a.m. local time (Arizona Time) 
(or as soon thereafter as the matter may be heard), via the toll free dial-in number of 1-833-220-
6615, enter code 970133 and press #, regarding the Issuer’s Multifamily Housing Revenue Bonds 
(The Summit at Marbella Ranch Project), Series 2026 (the “Bonds”) to be issued in one or more 
series, pursuant to a plan of financing in a maximum aggregate principal amount of $48,000,000.   
The proceeds of the Bonds will be used to make one or more loans to Marbella Ranch AH 
II, LLLP, a Minnesota limited liability limited partnership, together with its affiliates and related 
entities (the “Borrower”), for the purposes of financing and/or refinancing, as applicable, a portion 
of the costs of: (i) the acquisition, construction, improvement, equipping and/or operation, as 
applicable, of a qualified residential rental facility (including improvements and facilities 
functionally related and subordinate thereto) which is expected to be comprised of approximately 
252 units (all or a portion of which will be set aside for occupancy by low- to moderate-income 
tenants) situated on approximately 16.6 acres of real property located at or near the southeast corner 
of El Mirage Road and Northern Parkway in Maricopa County, Arizona (collectively, the 
“Facilities”), (ii) funding any required reserves, (iii) paying capitalized interest on the Bonds, if any, 
and (iv) paying certain costs and expenses related to the issuance of the Bonds (collectively, the 
“Project”).  The Project to be financed with the proceeds of the Bonds will be owned and operated 
by the Borrower. 
The principal of, premium, if any, and interest on the Bonds 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 Bonds are 
issued. 
This public notice is published pursuant to the requirements of Section 147(f) of the 
Internal Revenue Code of 1986, as amended.  Any interested person may attend or send written 
comments and express his or her view with respect to the Bonds and the location and nature of the 
assets, operations and Facilities 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: “The Summit at 
Marbella Ranch Project.”  Written submissions should be mailed in sufficient time to be received 
before the time of the hearing. 
Date: April 16, 2026 
THE INDUSTRIAL DEVELOPMENT 
AUTHORITY OF THE COUNTY OF 
MARICOPA