City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 18, 2026
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER
FROM: KEVIN C. GREENLIEF, DIRECTOR, DEPARTMENT OF FINANCE
DOCKET TITLE:
TITLE
Consideration of a Resolution Authorizing the Issuance of Refunding Bonds by the Industrial Development Authority for the National Industries for the Blind. [ROLL-CALL VOTE]
BODY
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ISSUE: Resolution approving the issuance of refunding revenue bonds by the Industrial Development Authority to assist National Industries for the Blind in refinancing upon favorable terms its existing Industrial Development Authority revenue bonds originally issued for National Industries for the Blind’s headquarters facility in Potomac Yards.
RECOMMENDATION: That City Council adopt the attached Resolution (Attachment 1) as recommended by the Industrial Development Authority.
BACKGROUND: The Industrial Development Authority previously employed its conduit revenue bond program to assist with the original financing of National Industries for the Blind’s headquarters facility in the City. Since National Industries for the Blind is a nonprofit, charitable and educational organization described in Section 501(c)(3) of the Internal Revenue Code, it is eligible for lower interest rate, tax-exempt financing for its headquarters facility. The Industrial Development Authority’s involvement as a pass-thru, conduit issuer of tax-exempt revenue bonds allows the project to benefit from tax advantaged debt financing at no cost or liability whatsoever to the Industrial Development Authority or the City.
DISCUSSION: On June 8, 2026, the Industrial Development Authority held a public hearing and adopted an inducement resolution (Attachment 3) approving the issuance of tax-exempt refunding revenue bonds for the refinancing of the existing Industrial Development Authority revenue bonds upon favorable terms for National Industries for the Blind. No members of the public spoke at the hearing. As described in the application submitted to the Industrial Development Authority, including a Fiscal Impact Statement (Attachment 4), the refunding project will maintain substantial positive economic effects in the City. Accordingly, the IDA recommends that the City Council approve the issuance of the bonds.
State and federal law require that a public hearing be held in connection with the proposed tax-exempt refunding revenue bonds and that the issuance of the proposed refunding revenue bonds be approved by the governmental unit having jurisdiction over the area in which any facility receiving financing from the refunding revenue bond issue is located. The Industrial Development Authority conducted the required public hearing and approved the proposed refunding revenue bond issue. No one from the public appeared in opposition to the proposed revenue bonds. Because National Industries for the Blind’s headquarters facility is located in Alexandria, City Council’s approval is required for the Industrial Development Authority to assist with the refunding revenue bond financing.
FISCAL IMPACT: None. The refunding revenue bonds and any costs associated with them will not be obligations of the Industrial Development Authority, the City of Alexandria, or the Commonwealth of Virginia. Rather, the refunding revenue bonds will be payable solely by National Industries for the Blind.
ATTACHMENTS:
Attachment 1 - Proposed Council Resolution
Attachment 2 - Notice and Certification of Public Hearing
Attachment 3 - June 8, 2026 Resolution of the Industrial Development Authority of the
City of Alexandria
Attachment 4-Fiscal Impact Statement
STAFF:
Kevin C. Greenlief, Director of Finance
Stephanie Landrum, President and CEO, Alexandria Economic Development Partnership
Bonnie Brown, Deputy City Attorney