City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 17, 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 Revenue and Refunding Bonds by the Industrial Development Authority of the City of Alexandria for the Institute for Defense Analyses. [ROLL-CALL VOTE]
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ISSUE: Consideration of a resolution authorizing: (a) the issuance of revenue and refunding bonds by the Industrial Development Authority of the City of Alexandria (AIDA) in an amount not to exceed $249.4 million to assist the Institute for Defense Analyses ("the Borrower"), a not-for-profit 501(c)(3) corporation (i) to refinance an existing loan used by the Borrower to purchase land within Land Bay G in Potomac Yard Town Center and (ii) to finance the construction on such land of an office building to be used as a new headquarters facility; and (b) the reissuance of the AIDA's outstanding Variable Rate Revenue Bonds (Institute for Defense Analyses Project) Series 2015A (the 2015A Bonds) in an amount not to exceed $57.515 million.
RECOMMENDATION: That City Council receive and adopt the attached Resolution (Attachment 1) as recommended by the AIDA.
BACKGROUND: City Council and the AIDA authorized the issuance of AIDA revenue bonds in 2000 for the purpose of assisting the Borrower in financing costs of acquiring, constructing and equipping a 10-story office building located at 4850 Mark Center Drive in the City of Alexandria, Virginia ("the City") to serve primarily as office and research space (the Mark Center Drive Building) and again in 2006 for the purpose of assisting the Borrower in financing the acquisition of an approximately 4.14 acre development parcel at 4860 Mark Center Drive in the City and the construction and development of an approximately 3,000 square fo...
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