City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 18, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Resolution Authorizing the Issuance of Refunding Bonds by the Industrial Development Authority for Virginia Tech. [ROLL-CALL VOTE]
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ISSUE: Resolution authorizing the issuance of revenue bonds by the Economic Development Authority of Montgomery County, VA to assist the Virginia Tech Foundation to finance or refinance various facilities owned or to be owned by or leased to the Foundation or affiliated non-profit entities controlled by or under common control with the Foundation of benefit to, and in connection with its support of, the Virginia Polytechnic Institute and State University and its programs, located in Montgomery County, Virginia, as well as in Rockbridge County, Virginia, Arlington County, Virginia, the City of Roanoke, Virginia and the City of Alexandria, Virginia.
RECOMMENDATION: That City Council adopts the attached Resolution (Attachment 1) as recommended by the AIDA.
BACKGROUND: Virginia Tech's presence in Old Town Alexandria dates back to 1980. In 1981, following a successful pilot program in Old Town, the College of Architecture and Urban Studies (CAUS) formally launched the Washington Alexandria Architecture Center (WAAC). In 1985 the Virginia Tech Foundation purchased a building on Columbus Street where the WAAC was located until 1991, the year the Foundation purchased the center's permanent home at 1001 Prince Street.
The Rectory and the Gallery located at 207 S. Patrick Street were purchased by the Foundation in 1986. The Rectory houses the American Institute of Architects (AIA) offices and the Gallery serves as a limited capacity dormitory for students in the region.
In 2001 the Virginia Tech Foundation also purchas...
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