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 Revenue Bonds by the Industrial Development Authority for The View at Goodwin Living, LLC. [ROLL-CALL VOTE]
BODY
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ISSUE: Resolution approving the issuance of revenue bonds by the Industrial Development Authority to assist The View at Goodwin Living in financing and refinancing the acquisition, design, development, construction and equipping of a significant expansion of its existing campus at 5000 Fairbanks Avenue in the City to include new independent living units, assisted living units, skilled nursing units and memory care units, rehabilitation facilities, a medical clinic, dining facilities, parking improvements, landscaping, amenities and other improvements.
RECOMMENDATION: That City Council adopt the attached Resolution (Attachment 1) as recommended by the Industrial Development Authority.
BACKGROUND: The Industrial Development Authority has previously employed its conduit revenue bond program to assist with the financing and refinancing of capital improvements to The View Alexandria senior living campus. Since the campus is owned and operated by affiliates of Goodwin House, a nonprofit, charitable organization described in Section 501(c)(3) of the Internal Revenue Code, it is eligible for lower interest rate, tax-exempt financing. 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 revenue bonds for the financing and refinancing of a significant expansion to the existing The View at Alexandria senior living campus. 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 expansion project will have 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 revenue bonds and that the issuance of the proposed revenue bonds be approved by the governmental unit having jurisdiction over the area in which any facility receiving financing from the revenue bond issue is located. The Industrial Development Authority conducted the required public hearing and approved the proposed revenue bond issue. No one from the public appeared in opposition to the proposed revenue bonds. Because The View Alexandria campus is located in Alexandria, City Council’s approval is required for the Industrial Development Authority to assist with the revenue bond financing. City Council’s requested approval of the Industrial Development Authority revenue bonds has no bearing upon and does not affect in any way any other land use or other approvals of the City which may be required in connection with the expansion project.
FISCAL IMPACT: None. The 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 revenue bonds will be payable solely by The View at Goodwin Living, LLC.
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