City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 19, 2020
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER \s\
DOCKET TITLE:
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Consideration of a Resolution Authorizing the Issuance of Revenue Bonds by the Industrial Development Authority of the City of Alexandria for the Avana Alexandria (now named "Parkstone Alexandria") Project. [ROLL-CALL VOTE]
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ISSUE: Consideration of a resolution authorizing the issuance of revenue bonds by the Industrial Development Authority of the City of Alexandria (AIDA) in an amount not to exceed $16.5 million for assisting in the long-term financing of the Parkstone Alexandria mixed-income apartment community.
RECOMMENDATION: That City Council adopt the attached Resolution (Attachment 1) as recommended by the AIDA.
BACKGROUND: On February 4, 2020, the AIDA passed a resolution (Attachment 3) authorizing the issuance of AIDA revenue bonds in an amount not to exceed $16,500,000 for the purpose of assisting the AHDC to finance or refinance a portion of the costs incurred in connection with the acquisition and/or rehabilitation of a multi-family residential housing facility consisting of one 16-story building comprising approximately 328,604 rentable square feet containing approximately 326 units, known as Avana Alexandria (now renamed and operating as "Parkstone Alexandria") and located at 3001 Park Center Drive in the City of Alexandria.
The AIDA bond funds will revolve (replace) JBG SMITH Washington Housing Initiative Social Impact Fund monies which acted as initial bridge mezzanine financing for AHDC's purchase. The AIDA bond funds will be purchased by the JBG Smith Washington Housing Initiative Social Impact Fund, which in effect brings lower cost tax exempt funds into the transaction. On December 10, 2019, Alexandria City Council approved an $8 million City loan as p...
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