City of Alexandria, Virginia
MEMORANDUM
DATE: SEPTEMBER 7, 2021
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Public Hearing, Second Reading and Final Passage of an Ordinance to Create the Landmark Community Development Authority ("CDA"). [ROLL-CALL VOTE]
BODY
ISSUE: Creation of the Landmark CDA in order to provide the necessary financial backstop to ensure that the City's $86 million investment in the Landmark Mall redevelopment is fully repaid.
RECOMMENDATION: That City Council:
1) Introduce the Landmark CDA ordinance (Attachment 1), pass the ordinance on the first reading and schedule it for second reading, public hearing, and final passage on Saturday, September 18, 2021; and
2) After public hearing on September 18, 2021:
a. Adopt the Landmark CDA ordinance with the addition of the appointment of five City Council members as the members of the CDA board with terms co-terminus with their current Council term of office in Articles of Incorporation (Attachment 2); and
b. Authorize the City Manager to execute on behalf of the City, between the City, Landmark CDA, Industrial Development Authority of the City of Alexandria ("IDA"), Landmark Mall, LLC, Seritage SRC Finance, LLC, Landmark Land Holdings, LLC, a Memorandum of Understanding ("MOU") (Attachment 3), consistent with the Development and Financing Agreement, laying out the improvement financing plan, the development of improvements and the process of calculation and collection of incremental tax revenues and special assessments.
BACKGROUND: Following City Council approval and authorization on July 6 to execute the Landmark Redevelopment Agreements, the City Manager executed (a) the Development and Financing Agreement between the City, Landmark Land Holdings, LLC, and Inova Health Care Services, and (b) the Grant Agreement between the City and the Industrial Development Authority of the City of Alexandria, on July 30, 2021. ...
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