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File #: 21-0998    Name: IDA bonds
Type: Resolution Status: Agenda Ready
File created: 4/21/2021 In control: City Council Legislative Meeting
On agenda: 6/22/2021 Final action:
Title: Consideration of a Resolution Authorizing the Issuance of Revenue Bonds by the Industrial Development Authority of Alexandria for the Protestant Episcopal High School in Virginia. [ROLL-CALL VOTE]
Attachments: 1. 21-0998_Att 1 - City Council Resolution, 2. 21-0998_Att 2 - Notice of Public Hearing, 3. 21-0998_Att 3 - IDA Resolution, 4. 21-0998_Att 4 - Application Statement, 5. 21-0998_Final Resolution
City of Alexandria, Virginia
________________

MEMORANDUM



DATE: JUNE 16, 2021

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 Bonds by the Industrial Development Authority of Alexandria for the Protestant Episcopal High School in Virginia. [ROLL-CALL VOTE]
BODY
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ISSUE: Resolution authorizing the issuance of revenue bonds by the Alexandria Industrial Development Authority (AIDA) in an amount not to exceed $60,000,000 to benefit The Protestant Episcopal High School (EHS) in financing the costs of improvements, additions and refunding to its Campus in the City of Alexandria.

RECOMMENDATION: That City Council adopt the attached Resolution (Attachment 1) as recommended by the Alexandria Industrial Development Authority (AIDA).
BACKGROUND: Episcopal High School, founded in 1839, is a private boarding school accredited by the Virginia Association of Independent Schools and the Southern Association of Colleges and Schools. Located at 1200 North Quaker Lane in the West End of Alexandria, the 130-acre campus is home to 450 students from 19 countries, 26 states, and the District of Columbia. EHS employs 87 full-time teaching faculty members, 89% of whom also live on campus.
DISCUSSION: On June 21, 2021, the AIDA held a public hearing (Attachment 2) and considered a resolution (Attachment 3) authorizing the issuance of AIDA revenue bonds in an amount not to exceed $60,000,000 to
(1) Finance the costs of designing, constructing and equipping a new approximately two-story health center (expected to be located near the existing dining hall) and two two-story dormitories (expected to be located near existing dormitories) all within the existing boundaries of the Borrower's 135-acre campus located at 1200 North Quaker Lane, Alexandria, Virginia (the "Campus");
(2) Refinanc...

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