2017-09ORDINANCE NO. 2017-09
AN ORDINANCE AWARDING A PRIME LEASE TO EFFECT THE
FINANCING OF THE DESIGN, CONSTRUCTION AND EQUIPPING
OF A FIRE STATION
WHEREAS, the City Council (the "Council") of the City of Fairfax, Virginia (the
"City"), has determined that it is in the best interests of the City and its residents to undertake
the design, construction and equipping of a new fire station (the "Fire Station Project");
WHEREAS, the Council has determined that it is in the best interests of the City and
its residents to finance (a) the Fire Station Project, (b) the related transition costs, (c) certain
improvements to a temporary fire station facility and (d) the acquisition of certain public
safety radio equipment (collectively, the "Project") through a financing lease structure
pursuant to which the City will lease the real property and the improvements (both existing
and future) thereon owned by the City and located at 10101 Fairfax Boulevard, Fairfax,
Virginia 22030 (Tax Parcel No. 47-4-03-000-B) (such leased parcel, the "Collateral
Property");
WHEREAS, pursuant to an advertisement made in the manner prescribed by law, the
Council has received bids from the entities described on Exhibit A hereto offering to act as
prime lessee under a prime lease and to act as financing lessor, or as a beneficiary under a
trust agreement established in connection with, the lease financing of the Project, a summary
of which bids has been read aloud and further details of which are shown in the bidding
documents on file in the office of the City Clerk;
WHEREAS, the Council has, after having followed the procedures required by
general law, received recommendations from City staff as to the bids submitted to the City
and has conducted such other investigation as the Council deemed fit to make; and
WHEREAS, the Council, after such consideration, analysis and deliberation, has
approved and found sufficient the qualification of the hereinafter named bidder as the bidder
that provides the lowest overall cost and most favorable terms to the City to effect the lease
financing;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of
Fairfax, Virginia, that:
1. It is the intention of the City to award to Raymond James Capital Funding,
Inc., or a corporate trust entity or affiliate acting for its benefit, the lease of the Collateral
Property in accordance with the terms referenced above and pursuant to a prime lease (the
"Prime Lease"), substantially in the form attached hereto as Exhibit B. The Prime Lease shall
be for a period not to exceed thirty (30) years, being one of the documents relating to the lease
financing of the Project and the related transaction costs.
2. This Ordinance shall take effect immediately.
Introduced: September 5, 2017
Adopted: September 26, 2017
Mayor
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Date
ATTEST:
City Clerk
FW17
Votes
Councilmember DeMarco
Aye
Councilman Greenfield
Aye
Councilmember Miller
Aye
Councilmember Passey
Aye
Councilmember Schmidt
Nay
Councilmember Stehle
Aye