City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 7, 2023
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: HELEN S. MCILVAINE, DIRECTOR, OFFICE OF HOUSING
DOCKET TITLE:
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Consideration of a Request from the Alexandria Redevelopment Housing Authority for a Retroactive Approval of Virginia Housing Development LLC, an Existing Development Entity, and for Creation of New Sub-entities to Facilitate the Samuel Madden Homes Redevelopment Project.
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ISSUE: Consideration of a retroactive approval of Virginia Housing Development LLC (VHDLLC), an existing, wholly-owned, subsidiary entity created by the Alexandria Redevelopment Housing Authority (ARHA), as well as approval of a new Special Purpose Entity (SPE) to be formed to facilitate the Samuel Madden redevelopment project, including pursuant to a potential tax credit limited partnership, subject to criteria described below.
RECOMMENDATION: That City Council:
a) Approve VHDLLC, including retroactively, pursuant to the terms of a Resolution by ARHA to Approve an Amended and Restated Operating Agreement for Virginia Housing Development LLC (Attachment 1);
b) Approve the formation of a special purpose entity pursuant to the terms of a Resolution by VHDLLC (Attachment 2);
c) Authorize the City Manager to review and approve the VHDLLC and SPE, organizational documents to ensure conformance with this approval; and
d) Authorize the City Manager to execute such documents or take such further action as necessary to implement City Council's actions hereunder.
BACKGROUND: In 2010, ARHA created VHDLLC, a wholly-owned subsidiary development entity, to carry out development activities and projects on ARHA's account, and to conduct occasional third-party fee consulting services for other Virginia housing authorities interested in learning from ARHA's experiences re...
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