City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 25, 2019
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
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Introduction and First Reading. Consideration. Passage on First Reading of an Ordinance Authorizing and Empowering the Issuance, Sale and Delivery of General Obligation Bonds to Finance a Capital Project.
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ISSUE: (1) Consideration of an ordinance to authorize the issuance of General Obligation Bonds to finance the Potomac Yard Metrorail Station and City public school projects, and (2) locking in current very low market interest rates.
RECOMMENDATION: That City Council pass on first reading on October 2, and schedule for second reading, public hearing and final passage on October 19, an ordinance (Attachment 1) authorizing and empowering the issuance, sale and delivery of bonds up to $200 million to finance the Potomac Yard Metrorail Station as well as to-be-determined public school projects.
BACKGROUND: The proposed ordinance would authorize the issuance of up to $200 million in General Obligation Bonds with a planned allocation of $175 million for the Potomac Yard Metrorail Station, and $25 million for to-be-determined City public school projects.
The current plans reflects a total project budget of $320 million for the Potomac Yard Metrorail Station project including the potential $50 million from the Commonwealth for enhancement of the southwest entrance to the station, in conjunction with the decision to construction an Arlington Amazon second headquarters and the Alexandria Virginia Tech Innovation Campus in National Landing.
Throughout the development of the Potomac Yard Metro project, staff has pursued funding alternatives that take advantage of low interest rates and flexible repayment options. Current funding sources include a $70 million grant from the Northern Virginia...
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