City of Alexandria, Virginia
________________
MEMORANDUM
DATE: NOVEMBER 4, 2015
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Introduction and First Reading. Consideration. Passage on First Reading of an Ordinance Authorizing the Issuance of a Tax Revenue Bond in the Maximum Amount of $58,000,000 to the Virginia Transportation Infrastructure Bank to Finance, in Part, Construction of a New Metrorail Station and the Execution and Delivery of Certain Documents Related Thereto.
...BODY
_________________________________________________________________
ISSUE: Consideration of an ordinance to authorize the issuance of a tax revenue bond to the Virginia Transportation Infrastructure Bank for the purpose of financing, in part, the Potomac Yard Metrorail Station.
RECOMMENDATION: That City Council: (1) Authorize finalizing the Virginia Transportation Infrastructure Bank (VTIB) loan agreement by passing on first reading on November 10, and scheduling for public hearing, second reading and final passage on November 14, 2015; an ordinance (Attachment 1) authorizing the issuance of a bond in an amount up to $58.0 million to finance a portion of the Proposed Potomac Yard Metrorail Station, and (2) Direct the City Manager to obtain City Council authorization prior to requesting a drawdown of any of the $58,000,000 in loan proceeds from VTIB.
BACKGROUND: The proposed ordinance authorizes the issuance of up to $58.0 million in a tax revenue bond which will be sold to VTIB. Repayment of this revenue bond, will be supported by the Tier I Potomac Yard Special Tax District, as well as a subject-to-annual-appropriation support agreement of the City in the event such Tier I Special tax district revenues are insufficient. In December 2014, City Council ratified an application to the Virginia Transportation Infrastructure Bank (VTIB) for a $50 million loan to assist in funding a portio...
Click here for full text