City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 5, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
DOCKET TITLE:
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Consideration of a Resolution Approving the Alexandria Housing and Redevelopment Housing Authority's (ARHA) Issuance of Revenue Bonds as Interim Financing for Alexandria Housing Development Corporation's (AHDC) Proposed Renovation and Permanent Financing of the Arbelo, Lacy Court and Longview Terrace ("Trilogy") Apartments. [ROLL-CALL VOTE]
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ISSUE: Issuance of up to $17,500,000 in conduit revenue bonds by the Alexandria Redevelopment and Housing Authority (ARHA) as short-term bridge financing for AHDC's renovation and refinancing of the Arbelo, Lacy Court and Longview Terrace Apartments.
RECOMMENDATION: That City Council approve the attached resolution regarding ARHA's issuance of up to $17,500,000 in short-term bridge financing revenue bonds to facilitate AHDC's proposed renovation and long-term refinancing of the Arbelo, Lacy Court and Longview Terrace (Trilogy) Apartments.
BACKGROUND: In the prior docket item for this Council meeting, staff presented City Council AHDC's plan for the renovation and permanent financing of the Arbelo, Lacy Court and Longview Terrace ("Trilogy") Apartments. In addition to a proposed restructuring of the existing City loans, AHDC will leverage permanent financing through a low-interest FHA/HUD loan as well as private equity through 4% noncompetitive tax credits to pay off the existing $9.5 million first trust mortgage with BB&T and undertake a substantial renovation of the three properties. In order to complete this proposed plan, short-term bridge financing is required.
In order to provide this short-term bridge financing, AHDC has selected ARHA, as a local conduit issuer for the revenue bonds, of up to $17,500,000 as the interi...
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