City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 4, 2025
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 Goodwin House Incorporated.
BODY
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ISSUE: Resolution approving the issuance of refunding bonds by the Industrial Development Authority of the City of Alexandria (AIDA) to assist Goodwin House Incorporated (Goodwin) in refunding all or a portion of certain outstanding AIDA revenue bonds.
RECOMMENDATION: That City Council adopt the attached Resolution (Attachment 1) as recommended by the Alexandria Industrial Development Authority (AIDA).
BACKGROUND: Goodwin House Incorporated owns and operates a continuing care retirement community, Goodwin House Alexandria (GHA), located at 4800 Fillmore Avenue in the City of Alexandria. GHA has utilized taxable and tax-exempt bonds issued by AIDA to finance and refinance improvements to its facilities in the City.
In 2022, AIDA issued $59,000,000 of taxable AIDA bonds (2022 Bonds) to refinance improvements to GHA which were originally financed by the issuance of $68,815,000 tax-exempt AIDA bonds in 2015 (2015 Bonds). City Council approved the 2022 Bonds. Because the 2022 Bonds were originally issued on a taxable basis, City Council approval was not required at that time.
DISCUSSION: On June 27, 2025, AIDA held a public hearing and considered a resolution (Attachments 2 and 3) approving the issuance of $59,000,000 tax-exempt refunding bonds by AIDA to assist Goodwin in refunding the outstanding amount of 2022 Bonds and effectively convert them to a lower, tax-exempt rate of interest. This "tax-exempt conversion" of the interest on the bonds to a lower rate for Goodwin r...
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