City of Alexandria, Virginia
________________
MEMORANDUM
DATE: DECEMBER 6, 2017
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 American Academy of Otolaryngology - Head and Neck Surgery. [ROLL-CALL VOTE]
BODY
______________________________________________________________________________
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 $8.35 million to assist the American Academy of Otolaryngology - Head and Neck Surgery (the Borrower), a not-for-profit 501(c)(3) corporation to (a) refund all or a portion of the Authority's outstanding Headquarters Facilities Revenue Bonds (American Academy of Otolaryngology - Head and Neck Surgery Foundation, Inc.) Series 2008A (Taxable) and Series 2008B
(Tax-Exempt).
RECOMMENDATION: That City Council receive and adopt the attached Resolution (Attachment 1) as recommended by the AIDA.
BACKGROUND: In November 2007, City Council and the AIDA authorized the issuance of AIDA revenue bonds in an amount not to exceed $16 million for the purpose of assisting the American Academy of Otolaryngology - Head and Neck Surgery Foundation (AAO - HNSF) to finance the acquisition of an office building at 1650 Diagonal Road.
DISCUSSION: On December 5, 2017, the AIDA held a public hearing (Attachment 2) and considered a resolution (Attachment 3) concurring in and approving the issuance of tax-exempt refunding bonds to assist the American Academy of Otolaryngology - Head and Neck Surgery Foundation (AAO - HNSF) in refunding all or a portion of the outstanding amount of the 2008 Bonds.
FISCAL IMPACT: The AIDA has the authority under State law to issue tax-exempt Industrial Revenue Bonds for certain nonprofit organizations and has done so frequently in ...
Click here for full text