City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 2, 2020
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
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Consideration of a Predevelopment Loan of $500,000 to AHDC for an Arlandria Project at West Glebe Road and Mount Vernon Avenue that Includes Affordable Rental Housing and a Mix of Community-Serving Uses
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ISSUE: A predevelopment loan of $500,000 to AHDC to advance its work to structure, finance, obtain entitlements and develop a mixed-use project in Arlandria containing approximately 375 new committed affordable and workforce units for households with incomes ranging from 40-80% AMI.
RECOMMENDATION: That City Council approve the predevelopment loan of $500,000 and authorize the City Manager to execute a loan agreement for a proposed mixed use residential and commercial development at 221 West Glebe Road, as well as 3610, 3612 and 3700 Mount Vernon Avenue.
BACKGROUND: The Alexandria Housing Development Corporation (AHDC), which was created by City Council and which works exclusively in the City of Alexandria to develop and preserve housing affordability, is in the process of assembling four privately-owned parcels in Arlandria, near the corner of W. Glebe Road and Mount Vernon Avenue, as well as one adjacent City-owned lot, to develop two mixed-use buildings that would provide a substantial number of new committed affordable rental units (approximately 375) for households with incomes ranging from 40-80% of the Area Median Income (AMI).
AHDC's preliminary development concept includes two separate mixed-use buildings. Both buildings are being designed with non-residential ground floor space that AHDC hopes to occupy with community-based uses (e.g. nonprofit/community-focused organizations, community recreation center and/or city services satellites, small businesses, and service providers, ...
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