City of Alexandria, Virginia
________________
MEMORANDUM
DATE: NOVEMBER 20, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER
DOCKET TITLE:
TITLE
Consideration of a Resolution Authorizing the Issuance of Revenue Bonds by the Industrial Development Authority of the City of Alexandria for Learning Foundations of Metropolitan Washington, Incorporated (doing business as Commonwealth Academy) [ROLL-CALL VOTE]
BODY
______________________________________________________________________________
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 $25,000,000 to assist Learning Foundations of Metropolitan Washington, Incorporated (doing business as Commonwealth Academy) (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 November 1 2024, the AIDA passed a resolution (Attachment 3) authorizing the issuance of AIDA revenue bonds in an amount not to exceed $25,000,000 for the purpose of assisting the Learning Foundations of Metropolitan Washington, Inc., hereafter referred to as Commonwealth Academy in the issuance of revenue bonds to 1) finance and/or refinancing a portion of the costs incurred in connection with the acquisition...
Click here for full text