20040525 2004-11ORDINANCE NO. 2004-11
AN ORDINANCE AWARDING ONE OR MORE GROUND
LEASES TO EFFECT THE ACQUISITION, CONSTRUCTION,
RENOVATION, IMPROVEMENT AND EQUIPPING, AS
APPLICABLE, OF VARIOUS PROPERTIES FOR OPEN SPACE,
PARKS, RECREATION AND HISTORIC PRESERVATION
PURPOSES
WHEREAS, the Council (the "Council") of the City of Fairfax, Virginia (the "City"),
having received bids pursuant to advertisement in the manner prescribed by law, from bidders
upon financing terms set forth on Exhibit A hereto, to act as financing lessee under one or
more ground leases and to act as financing lessor under one or more financing lease
agreements to effect the acquisition, construction, renovation, improvement and equipping, as
applicable, of various properties referenced in such advertisement for open space, parks,
recreation and historic preservation purposes (the "Projects"), which bids have been read
aloud, and other terms of which are shown in the bidding documents on file in the office of
the City Attorney;
WHEREAS, the Council has, after having followed procedures required by general
law, conducted a full analysis and consideration of the technical ability, financial condition,
legal qualification and general character of said bidders; and
WHEREAS, the Council, after such consideration, analysis and deliberation, has
approved and found sufficient the technical ability, financial condition, legal qualification and
general character of the hereinafter named bidder as the bidder which provides the lowest
overall cost to the City to effect the lease financing;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Fairfax,
Virginia, that:
1. It is the intention of the City to award to SunTrust Bank the lease of any or all
of the properties referenced in the advertisement, all in accordance with the terms referenced
above and pursuant to one or more ground leases, each for a period not to exceed twenty-five
(25) years. Each ground lease shall be substantially in the form attached hereto as Exhibit B,
being one of the documents relating to the lease financing of the Projects.
2. This Ordinance shall take effect immediately.
Introduced: May 11, 2004
Approved: May 25, 2004
Vote
J. Cross Aye
J. Greenfield Absent
G. Lyon Aye
G. Rasmussen Aye
S. Silverthome Aye
P. Winter Aye
Mayor
ATTEST:
City Clerk
Approved as to
Form and Legal Sufficiency:
City Attorney