2011-05 ORDINANCE NO. 2011-05
AN ORDINANCE AWARDING ONE OR MORE GROUND
LEASES TO EFFECT THE REFINANCING OF CERTAIN EXISTING
LEASE AGREEMENTS
WHEREAS, the Council (the "Council ") of the City of Fairfax, Virginia (the "City "),
has 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 that will effect the refinancing of existing lease financings incurred (i) during the
period 2004 through 2007 to fund the acquisition, construction, renovation, improvement and
equipping, as applicable, of certain properties for open space, parks, recreation and historic
preservation purposes, and (ii) during 2006 to fund the acquisition, construction, renovation,
improvement and equipping, as applicable, of improvements to the City's Middle School and
High School and certain park improvements, including ball fields and trails; which bids in
summary form have been read aloud;
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 refinancing;
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 Wells Fargo Bank, National
Association, or to a corporate trustee acting on behalf such Bank to facilitate the financing,
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, no term of which shall
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: March 29, 2011
PUBLIC HEARING: April 12, 2011
ENACTED: April 12, 2011
Mayor
ATTEST:
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City Clerk
Approved as to
Form and Legal Sufficiency:
City Attorney
The vote on the motion to approve was recorded as follows:
Votes
Councilwoman Cross Aye
Councilman Drummond Aye
Councilman Greenfield Aye
Councilman Meyer Absent
Councilman Schmidt Aye
Councilman Stombres Absent