City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 16, 2021
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 City and Schools Capital Projects and the Landmark Mall Redevelopment and to Refund Certain Outstanding Bonds of the City.
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ISSUE: Consideration of an ordinance to authorize the issuance of General Obligation Bonds to finance public improvements reflected in multiple years of the City's Capital Improvement Program (FY 2020 to FY 2022) and to Refund Certain Outstanding Bonds of the City.
RECOMMENDATION: That City Council approve on first reading on June 22, 2021, and schedule for second reading, public hearing and final passage on July 6, an ordinance (Attachment 1) authorizing and empowering the issuance, sale and delivery of bonds up to $176.8 million to finance various public improvements and $160 million to fund the Landmark Mall Redevelopment project and to Refund Certain Outstanding Bonds of the City.
BACKGROUND: The proposed ordinance would authorize future issuance of:
(1) $140.0 million for Schools capital projects;
(2) $160.0 million for the Landmark Mall Site Redevelopment Project;
(3) $36.8 million for City capital projects; and
(3) General Obligation Bonds to refund certain outstanding bonds of the City.
The City has been spending down existing bond balances rather than issuing new debt for the past two years based on the evaluation of the timing of cash needs for projects. In November 2019, debt was issued for the Potomac Yard Project and several school improvement projects. More recently, in January 2021, City Council authorized a Reimbursement Resolu...
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