City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 19, 2023
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of Authorization to the City Manager to Enter into a Support Agreement in Connection with a Bond to be obtained by the Industrial Development Authority for Certain Economic Development Activities.
BODY
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ISSUE: Approval of a Support Agreement from the City in connection with a bond to be obtained by the Industrial Development Authority of the City of Alexandria (the "IDA") for the purpose of financing a portion of the build out cost to relocate the headquarters of The Art League, Inc (the "Art League") within the City of Alexandria. The support of this bond retains the Art League within the City and creates a path for the non-profit arts organization to support the activation of an arts designated space within the Old Town North Arts District.
RECOMMENDATION: That City Council:
1. Authorize the City Manager to execute a Support Agreement, in substantial conformance with the attachment to this memorandum (Attachment 1), in connection with a bond to be obtained by the IDA for the purpose of financing a portion of the build out cost to relocate and retain the Art League headquarters within the City of Alexandria.
2. Direct the City Manager to include for City Council consideration the FY 2024 amortization backstop amount in the Fall Supplemental Appropriation Ordinance, which will be presented to City Council in December 2023 for approval; and
3. Direct the City Manager to include for City Council consideration an appropriation equal to the amortization schedule as a part of annual budget and appropriation authorization process during the loan repayment period.
BACKGROUND: During the Old Town North planning process, the City and Community prioritized the "arts" in the 2017 Small ...
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