City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 8, 2015
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, ACTING CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Resolution Authorizing the Issuance of Revenue Bonds by the Industrial Development Authority of the City of Alexandria for Goodwin House Incorporated [ROLL-CALL VOTE]
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ISSUE: Resolution authorizing the issuance of revenue bonds by the Alexandria Industrial Development Authority (AIDA) in an amount not to exceed $75,000,000 to assist Goodwin House, Inc., a not-for-profit 501(c)(3) corporation in financing the costs of improvements and additions to its facility at Goodwin House Alexandria, including, without limitation, (a) constructing and equipping a new five-story nursing and memory care facility, along with auditorium and community meeting spaces, (b) renovating the first and second floors of the existing nursing and memory care facility to create additional residential apartments and assisted living apartments, (c) expanding and upgrading common areas and amenities, principally dining and other functional spaces, and (d) financing routine capital improvements and equipment (collectively, the "Project").
RECOMMENDATION: That City Council adopt the attached Resolution (Attachment 1) as recommended by the AIDA.
DISCUSSION: On April 7, 2015, the AIDA passed a resolution (Attachment 2) authorizing the issuance of AIDA revenue bonds in an amount not to exceed $75,000,000 for the purpose of assisting Goodwin House, Inc., to finance or refinance certain costs of (1) of improvements and additions to its facility at Goodwin House Alexandria, including, without limitation, items listed above as (a) - (d); (2) the refunding of all or a portion of the outstanding $53,290,000 Variable Rate Demand Revenue Refunding Bonds (Goodwin House), Series 2005 (the "Ser...
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