20021022 r-02-55 RESOLUTION NO. 'R-02-55
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FAIRFAX, VIRGINIA
WHEREAS, the Industrial Development Authority of the City of Fairfax, Virginia (the
"City Authority") has considered the application of George Mason University Foundation (the
"Borrower") an organization which is not organized exclusively for religious purposes and is
described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the
"Code"), requesting that the City Authority approve the following Plan of Financing
(collectively, the "Plan of Financing") and issuance of revenue bonds by the Fairfax County
Economic Development Authority (the "County Authority") in an amount not to exceed
$36,000,000 (the "Bonds") in connection with (i) the refunding of the County Authority's
outstanding Educational Facilities Revenue Bonds (George Mason University Educational
Foundation) Series 1992 originally issued in the principal amount of $5,360,000 to refinance
(a) an approximately 36,000 square foot residential and office facility known as University
Park and located at 4260 Chain Bridge Road, 4262 Chain Bridge Road, 4264 Chain Bridge
Road and 4266 Chain Bridge Road, Fairfax, Virginia, and (b) an approximately 14,600 square
foot office and administrative facility known as and located at 4085 University Drive, Fairfax,
Virginia, (ii) the refunding of the Educational Facilities Revenue Bonds (George Mason
University Educational Foundation) Series 1993 originally issued by the City Authority in the
principal amount of $2,000,000 to refinance an approximately 18,400 square foot office
facility located at 4087 University Drive, Fairfax, Virginia, (iii) the acquisition, construction,
renovation and equipping of an approximately 500 bed student apartment complex consisting
of approximately 181,000 square feet to be located at the northwest comer of Braddock Road
and Roberts Road in the County of Fairfax, Virginia, and (iv) certain other expenditures
associated therewith to the extent financeable, including, without limitation, costs of issuance
and credit enhancement costs in connection with the Plan of Financing, and has held a public
hearing on September 30, 2002;
WHEREAS, Section 147(0 of the Code provides that the governmental unit having
jurisdiction over the issuer of private activity bonds and over the area in which any facility
financed with the proceeds of private activity bonds is located must approve the issuance of
the bonds and Section 15.2-4906 of the Industrial Revenue Bond Act, Chapter 49, Title 15.2,
Code of Virginia of 1950, as amended (the "Act") sets forth the procedure for such approval;
WHEREAS, Section 15.2-4905 of the Act provides that if a locality has created an
industrial development authority, no industrial development authority created by a second
locality may finance a facility located in the first locality unless the governing body of such
first locality concurs with the inducement created by the second locality and shows such
concurrence in a duly adopted resolution;
WHEREAS, two of the projects to be refinanced with proceeds of the Bonds are
located in the City of Fairfax, Virginia (the "City"), and the City Council of the City (the
"City Council") constitutes the highest elected governmental unit of the City;
WHEREAS, the City Authority has recommended that the City Council approve the
Plan of Financing and the issuance of the Bonds; and
WHEREAS, a copy of the City Authority's resolution approving the issuance of the
Bonds pursuant to the Plan of Financing, subject to the terms to be agreed upon, a certificate
of the public hearing and a Fiscal Impact Statement have been filed with the City Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FAIRFAX, VIRGINIA:
1. The City Council concurs in the recommendation of the City Authority and
concurs in the inducement resolution of the County Authority and approves the Plan of
Financing and the issuance of the Bonds by the County Authority for the benefit of the
Borrower, as required by Section 147(0 of the Code and Sections 15.2-4905 and 15.2-4906 of
the Act.
2. The approval of the issuance of the Bonds by the County Authority does not
constitute an endorsement to a prospective purchaser of the Bonds or the creditworthiness of
the Borrower.
3. This resolution shall take effect immediately upon its adoption.
Adopted this 22nd day of October, 2002.
Mayor
ATTEST:
The vote to adopt the resolution was recorded as follows:
Vote
Councilwoman Cross Aye
Councilman Greenfield Aye
Councilwoman Lyon Aye
Councilman Rasmussen Aye
Councilman Silverthorne Aye
Councilwoman Winter Aye