20040727 r-04-65RESOLUTION R-04-65
RESOLUTION AUTHORIZING THE EXECUTION OF A
SUPPORT AGREEMENT PROVIDING FOR A NON-
BINDING OBLIGATION OF THE CITY OF FAIRFAX,
TO CONSIDER CERTAIN APPROPRIATIONS FOR
THE BENEFIT OF THE CITY OF FAIRFAX
ECONOMIC DEVELOPMENT AUTHORITY
RELATING TO THE RUST-WOODS PROPERTIES
WHEREAS, the City of Fairfax, Virginia (the "City"), desires that the City of Fairfax
Economic Development Authority (the "Authority") issue and sell a revenue note in a
principal amount not to exceed $2,300,000 (the "Note") and use the net proceeds thereof to
acquire one or more parcels of real estate (including any improvements thereon) known as the
Rust-Woods property (Tax Map Nos. 57-4-02-111, 57-4-02-113, 57-4-02-114 and 57-4-02-
116) (the "Project");
WHEREAS, the City desires to enter into a support agreement to provide credit
support for the Note and to pay other costs incurred by the Authority related to the Project to
the extent sale and rental revenues related to the Project are insufficient; and
WHEREAS, there has been presented to this meeting a Support Agreement between
the City and the Authority (the "Support Agreement"), to be used in connection with the
security for the Note.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FAIRFAX, VIRGINIA:
1. In consideration of the Authority's undertakings with respect to financing the
Project, the City Council hereby determines that it is in the best interests of the City and its
citizens for the City to enter into the Support Agreement in connection with the issuance of
the Note.
2. The Mayor is hereby authorized and directed to execute and deliver the
Support Agreement in connection with the issuance of the Note. The Support Agreement
shall be in substantially the form presented to this meeting, which is hereby approved, with
such completions, omissions, insertions or changes not inconsistent with this resolution as
may be approved by the Mayor, the execution thereof by the Mayor to constitute conclusive
evidence of such officer' s approval of such completions, omissions, insertions or changes.
3. The City Manager is hereby authorized and directed to carry out the
obligations imposed by the Support Agreement on the City Manager.
4. As provided by the Support Agreement, the City Council hereby undertakes a
non-binding obligation to appropriate to the Authority such amounts as may be requested
from time to time pursuant to the Support Agreement, to the fullest degree and in such manner
as is consistent with the Constitution and laws of the Commonwealth of Virginia.
5. All resolutions or parts thereof in conflict herewith are hereby repealed.
6. This resolution shall take effect immediately.
Adopted this 27th day of July, 2004
Date I I ,
VOTE:
Councilwoman Cross Aye
Councilman Greenfield Aye
Councilwoman Lyon Aye
Councilman Rasmussen Aye
Councilman Silverthome Absent
Councilwoman Winter Aye