RECKER GARDENS 2026 - BOS RESOLUTION (5-19-26).PDF

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 
REVENUE 
NOTE 
(RECKER 
GARDENS 
APARTMENTS PROJECT), SERIES 2026A AND SUBORDINATE 
MULTIFAMILY HOUSING REVENUE BONDS (RECKER GARDENS 
APARTMENTS PROJECT), SERIES 2026AB, IN THE AGGREGATE 
PRINCIPAL AMOUNT OF NOT TO EXCEED $16,000,000. 
 
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, 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 Revenue Note 
(Recker Gardens Apartments Project), Series 2026A and Subordinate Multifamily Housing 
Revenue Bonds (Recker Gardens Apartments Project), Series 2026B (together, the “Tax-Exempt 
Obligations”), in the aggregate principal amount of not to exceed $16,000,000, and to use the 
proceeds of the Bonds to make two loans (together, the “Loans”) to Recker Gardens Apartments, 
LLC, an Arizona limited liability company (the “Borrower”), pursuant to a Borrower Loan 
Agreement and a Loan Agreement (together, the “Loan Agreements”), each between the 
Authority and the Borrower; 
WHEREAS, the proceeds of the Loans will be used by the Borrower for the purpose of 
(a) financing a portion of the costs of the acquisition, construction and equipping of a 132-unit 
multifamily residential rental property to be known as the Recker Gardens Apartments, to be 
located at 6147 East Main Street, Mesa, Arizona, for occupancy by low and moderate income 
households (the “Project”), (b) paying a portion of the interest on the Tax-Exempt Obligations 
through construction and lease-up of the Project; (c) funding of one or more other reserve funds 
to secure the timely payment of the Tax-Exempt Obligations, if necessary; and (iv) paying a 
portion of the costs of issuing the Tax-Exempt Obligations; 
WHEREAS, on June 9, 2026, the Authority resolved (the “Authority’s Resolution”) to 
issue the Tax-Exempt Obligations and make the Loans, the Authority’s Resolution being 
conditioned upon, among other things, the granting of approval to the issuance of the Tax-
Exempt Obligations by the Maricopa County Board of Supervisors; 
WHEREAS, the Authority’s Resolution has been made available to the Maricopa 
County Board of Supervisors, and the Authority’s Resolution has been duly considered on this 
date; 
WHEREAS, the Authority’s Resolution authorizes, among other things, the issuance, 
and delivery of the Tax-Exempt Obligations, the execution and delivery of the Funding Loan 
Agreement, the Borrower Lonan Agreement, the Indenture, the Loan Agreement, the Regulatory

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Agreement, the Non-Arbitrage Certificate and the Bond Purchase Agreement (as such terms are 
defined in the Authority’s Resolution), and such other documents as required for the issuance of 
the Tax-Exempt Obligations; 
WHEREAS, the terms, maturities, provisions for redemption, security, and sources of 
payment for the Tax-Exempt Obligations are set forth in the Funding Loan Agreement and the 
Indenture, respectively, and in the forms of the Tax-Exempt Obligations; 
WHEREAS, the Maricopa County Board of Supervisors have 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 Tax-Exempt 
Obligations 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 Tax-Exempt Obligations after a public hearing 
following reasonable public notice; 
WHEREAS, following publication of a Notice of Public Hearing on the Authority’s 
website, available at http://www.mcida.com, on April 28, 2026, a public hearing with respect to 
the Tax-Exempt Obligations 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 May 13, 2026, at 10:00 a.m, MST, 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 May 13, 
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 Authority of the Tax-Exempt Obligations in the aggregate 
principal amount of not to exceed $16,000,000 is approved for all purposes under the Act and 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 
Bonds.

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ADOPTED AND APPROVED on June 10, 2026. 
MARICOPA COUNTY BOARD OF 
SUPERVISORS 
 
 
Chair  
 
ATTEST: 
 
 
Clerk, Maricopa County Board of Supervisors 
 
ATTACHMENT:  Notice of Public Hearing

NOTICE OF PUBLIC HEARING 
 
Notice is hereby given that at 10:00 a.m. MST, or as soon thereafter as this item may be 
heard, on May 13, 2026, a public hearing will be held as required by Section 147(f) of the 
Internal Revenue Code of 1986 with respect to a plan of finance for the proposed issuance of one 
or more tax-exempt obligations (collectively, the “Bonds”) by The Industrial Development 
Authority of the County of Maricopa (the “Authority”) in an amount not to exceed $17,600,000.  
The Bonds may be issued in one or more series, from time to time and may include series of 
refunding obligations. 
The Authority will issue the Bonds pursuant to Title 35, Chapter 5, Arizona Revised 
Statutes, as amended, for the purpose of financing a qualified residential rental facility under 
Section 142(d) of the Internal Revenue Code of 1986, as amended, and will loan the proceeds of 
the Bonds to Recker Gardens Apartments, LLC, a Washington limited liability company (the 
“Borrower”) to (i) finance a portion of the costs of the acquisition, construction and equipping of 
a 132-unit multifamily residential rental property to be known as the Recker Gardens 
Apartments, to be located at 6147 East Main Street, Mesa, Arizona 85205  (the “Facility”), and 
(ii) pay certain costs and expenses related to the issuance of the Bonds (collectively, the 
“Project”).  The Facility will be owned by the Borrower. 
The principal of, premium, if any, and interest on the Bonds shall never constitute the 
debt or indebtedness or liability of the Authority, Maricopa County, the State of Arizona, or any 
political subdivision of the State of Arizona within the meaning of any provision of the 
Constitution of the State of Arizona, and shall not constitute or give rise to a pecuniary liability 
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. 
The hearing will commence at 10:00 a.m. MST, or as soon thereafter as this item may be 
heard, May 13, 2026, and will be held telephonically by an authorized representative of The 
Industrial Development Authority of the County of Maricopa via the toll-free dial-in number 
of 1-833-220-6615 (enter code 970133 and press #).  Interested persons wishing to express their 
views on either the plan of finance for the issuance of the Bonds or the Project will be given an 
opportunity to do so at the public hearing, or may, prior to the time of the hearing, submit written 
comments to The Industrial Development Authority of the County of Maricopa, 8687 E. Via de 
Ventura, Suite 306, Scottsdale, Arizona 85258, Attention: President, clearly marked: “Recker 
Gardens Apartments” for receipt before the time of the hearing. 
Date: April 28, 2026 
 
THE INDUSTRIAL DEVELOPMENT 
AUTHORITY OF THE COUNTY OF 
MARICOPA