2012-08 ORDINANCE NO. 2012-08
AN ORDINANCE AWARDING ONE OR MORE GROUND LEASES
TO EFFECT THE FINANCING AND REFINANCING OF THE
ACQUISITION OF CERTAIN REAL ESTATE FOR STREET,
ECONOMIC DEVELOPMENT AND PUBLIC SCHOOL 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 refinancing of the acquisition of certain real property (including the
improvements located thereon) known as the Eleven Oaks Property (the "Property") to be
used for street and economic development purposes (the "Eleven Oaks Project") and the
financing of the acquisition and improvement of a parcel near the Property to be used as a
school bus parking lot for the use of the City and Fairfax County Public Schools (the "School
Bus Parking Lot Project," and, together with the Eleven Oaks Project, the "Project"), 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 and most favorable terms 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 Branch Banking and Trust Company
(BB&T) the lease of the Property in accordance with the terms referenced above and pursuant
to one or more ground leases, each for a period not to exceed four (4) 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 Project.
2. This Ordinance shall take effect immediately.
Introduced: April 24, 2012
Public hearing: May 22, 2012
Enacted: May 22, 2012
Mayor
3/2.9//Z-
Date
ATTEST:
4.10.
City Clerk
Votes
Councilman Drummond Aye
Councilman Greenfield Aye
Councilman Meyer Aye
Councilmember Schmidt Aye
Councilman Silverthorne Aye
Councilman Stombres Aye