City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 16, 2019
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 Correctional Association [ROLL-CALL VOTE]
BODY
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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 $7.3 million to assist the American Correctional Association (the "Borrower"), a not-for-profit 501(c)(3) corporation to refund all or a portion of the Authority's outstanding Series 2011 Refunding Revenue Bond and refinance an existing loan.
RECOMMENDATION: That City Council receive and adopt the attached Resolution (Attachment 1) as recommended by the AIDA.
BACKGROUND: In 2005, City Council and the AIDA authorized the issuance of AIDA revenue bonds in an amount not to exceed $7.3 million (the 2006 Bonds) for the purpose of assisting the Borrower in refinancing (a) the previous costs incurred in acquiring, renovating and equipping an office building located at 200-206 North Washington Street, 709 Cameron Street and 711 Cameron Street and the parking lots located at 298 North Columbus Street and 304 North Columbus Street, all in the City of Alexandria, Virginia (collectively, the "Facilities") and (b) certain other costs and expenses incurred by the Borrower in connection with the issuance of such prior obligations. In 2011, AIDA issued revenue bonds in the amount of $5.13 million (the 2011 Bonds) to refund a portion of the 2006 Bonds. City Council approval was not required for that refunding, as the average maturity of the 2006 Bonds was not extended. In 2011, the Borrower also financed and refinanced certain costs of and improvements to the Facilities with the ...
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