City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 6, 2023
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER
FROM: KENDEL TAYLOR, INTERIM DEPUTY CITY MANAGER
DOCKET TITLE:
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Consideration of a Resolution Authorizing the Re-Issuance of Revenue Bonds by the Industrial Development Authority of the City of Alexandria for Parkstone Alexandria (f/k/a Avana Alexandria) [ROLL-CALL VOTE]
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ISSUE: Consideration of a resolution authorizing the re-issuance of revenue bonds by the Industrial Development Authority of the City of Alexandria (AIDA) in an amount not to exceed $16.5 million to assist Parkstone Alexandria (f/k/a Avana Alexandria, the Borrower), a not-for-profit 501(c)(3) corporation in 1) financing or refinancing a portion of the costs incurred in connection with the acquisition and/or rehabilitation of a multifamily residential rental housing facility and 2) certain other expenditures associated with the foregoing to the extent financeable which may include, without limitation, original issue discount, costs of issuance, capitalized interest, credit enhancement costs, liquidity costs, working capital and a debt service reserve.
RECOMMENDATION: That City Council receive and adopt the attached Resolution (Attachment 1) as recommended by the AIDA.
BACKGROUND: On June 2, 2023, the AIDA passed a resolution (Attachment 4) authorizing the re-issuance of AIDA revenue bonds originally issued in 2020 in an amount not to exceed $20,000,000 for the purpose of assisting Parkstone Alexandria (f/k/a Avana Alexandria) to finance or refinance a portion of the costs incurred in connection with the acquisition and/or rehabilitation of a multi-family residential housing facility consisting of one 16-story building comprising approximately 328,604 rentable square feet containing approximately 326 units, currently know...
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