City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 29, 2021
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of Funding for Purchase of 1703 North Beauregard for Public School Purposes at the Request of the Alexandria City Public Schools. (This is not a public hearing item)
BODY
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ISSUE: Should the City provide $17.9 million to ACPS to acquire an office building at 1703 North Beauregard with renovation costs to be requested at a later date?
RECOMMENDATION: That City Council:
1. Endorse the purchase by the Alexandria City Public Schools (ACPS) of an office building located at 1703 North Beauregard at a cost to be funded by the City of $17,920,000 contingent upon ACPS agreeing to transmit to the City the building's rental payments to be paid to ACPS by private sector tenants to be used to offset a portion of the City's debt service costs incurred to fund this acquisition; and
2. Direct the City Manager to bring forward for Council action an appropriation ordinance in September, 2021 increasing the capital projects appropriation for School purposes by $17.9 million in order to fund this proposed acquisition.
BACKGROUND: ACPS has proposed that the City fund its proposed acquisition of 1703 Beauregard ("1703") which is an office building adjacent to the Ferdinand T. Day Elementary School. This office building is four stories and totals some 75,000 square feet of office space plus basement space. The facility was constructed in 1998 and is 23 years old. This office building shares a parking structure with the Ferdinand T. Day School. This 1703 Beauregard property is on the market for $18.3 million and is owned by the Association for Supervision and Curriculum Development (ASCD). ACPS has executed a letter of intent with ASCD at a proposed purchase price of $17.9 million. This does not include any fu...
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