City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 21, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Resolution Authorizing the Issuance of Revenue Bonds by the Industrial Development Authority of the City of Alexandria for Goodwin House Incorporated [ROLL-CALL VOTE]
BODY
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ISSUE: Consideration of a resolution authorizing the issuance of revenue bonds by the Industrial Development Authority of the City of Alexandria (AIDA) in an amount not to exceed $65,000,000 to assist Goodwin House Incorporated (the Borrower), a nonstock, 501(c)(3) corporation in 1) refinancing a portion of its outstanding debt, which outstanding debt refinanced various capital projects at the Borrower's continuing care retirement communities and financed certain other expenditures related to such debt, including costs of issuance and a debt service reserve, and 2) financing certain other expenditures associated with the foregoing to the extent financeable, which may include, without limitation, costs of issuance, capitalized interest, working capital, routine capital expenditures and a debt service reserve.
RECOMMENDATION: That City Council receive and adopt the attached Resolution (Attachment 1) as recommended by the AIDA.
BACKGROUND: On May 17, 2024, the AIDA passed a resolution (Attachment 3) authorizing the issuance of AIDA revenue bonds in an amount not to exceed $65,000,000 for the purpose of assisting Goodwin House Incorporated with 1) refinancing a portion of its outstanding debt, which outstanding debt refinanced various capital projects at the Borrower's continuing care retirement communities known as Goodwin House Alexandria located at 4800 Fillmore Avenue, Alexandria, Virginia 22311 and Goodwin House Bailey's Crossroads located at 3440 South Jefferson Street, Falls Church, Virginia ...
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