City of Alexandria, Virginia
MEMORANDUM
DATE: SEPTEMBER 5, 2023
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Introduction and First Reading. Consideration. Passage on First Reading of an Ordinance amending the Landmark Community Development Authority.
BODY
ISSUE: Amend the ordinance creating the Landmark Community Development Authority ("Landmark CDA") to allow the Landmark CDA to increase its financial backstop from $86 million to $123.6 million to ensure that the City's additional investment in the Landmark Redevelopment is fully repaid.
RECOMMENDATION: That City Council:
1) Consider the proposed Landmark CDA Amending Ordinance (Attachment 1), on the first reading and schedule it for second reading, public hearing, and final passage on Saturday, September 23, 2023.
2) After public hearing on September 23, 2023:
a. Adopt the Landmark CDA Amending Ordinance; and
b. Authorize the City Manager to execute an amendment to the Memorandum of Understanding ("MOU") (Attachment 2) on behalf of the City, between the City, Landmark CDA, Industrial Development Authority of the City of Alexandria ("IDA"), Landmark Land Holdings, LLC, consistent with the Development and Financing Agreement ("Development Agreement"), laying out the updated improvement financing plan.
BACKGROUND: The City created the Landmark CDA by Ordinance adopted on September 18, 2021 to provide the necessary financial backstop to ensure that the City's original $86 million investment in the redevelopment is fully repaid. Following City Council approval and authorization on May 23, 2023 to execute amendments to the Landmark Redevelopment Agreements including an increase in the City's contribution of up to $37.6 million in additional proceeds for increased costs of infrastructure improvements, the City Manager executed an amendment to the Development Agreement between the City, Landmark Land Holdings, LLC, and Inova Heal...
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