City of Alexandria, Virginia
________________
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
_________________________________________________________________
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 rev...
Click here for full text