City of Alexandria, Virginia
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MEMORANDUM
DATE: DECEMBER 7, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Resolution Authorizing the Issuance of Refunding Bonds by the Industrial Development Authority of the City of Alexandria for National Industries for the Blind. [ROLL-CALL VOTE]
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ISSUE: Consideration of a resolution authorizing the issuance of refunding bonds by the Industrial Development Authority of the City of Alexandria (AIDA) in an amount not to exceed $26 million to assist the National Industries for the Blind, a not-for-profit 501(c)(3) corporation to finance or refinance certain costs related to the acquisition, development (in one or more phases), construction, furnishing and equipping of a new headquarters facility to be located within Land Bay G, Potomac Yard Town Center in a new office building.
RECOMMENDATION: That City Council receive and adopt the attached Resolution (Attachment 1) as recommended by the AIDA.
BACKGROUND: In November 2014, City Council and the AIDA authorized the issuance of AIDA revenue bonds in an amount not to exceed $26 million for the purpose of assisting the National Industries for the Blind (NIB) to finance or refinance certain costs of (i) all or a portion of the acquisition, development (in one or more phases), construction, furnishing and equipping of a new headquarters facility to be located on approximately 19,012 square feet of land within Land Bay G, Potomac Yard Town Center in Alexandria, Virginia; (ii) the acquisition, installation and equipping of furniture, fixtures, equipment and office technology with the facility and other property functionally related and subordinate thereto; and (iii) the issuance of the Bonds, bond insurance premiums or other credit enhancement and financing costs, interest, working capi...
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