R-17-45RESOLUTION NO. R-17-45
RESOLUTION APPROVING THE ISSUANCE BY THE
FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY OF ITS
REFUNDING REVENUE BONDS OR NOTES
FOR THE BENEFIT OF GMUF POTOMAC HEIGHTS, LLC
WHEREAS, the Fairfax County Economic Development (the "Authority") is
authorized to advertise and hold public hearings relative to the issuance of private activity
bonds; and
WHEREAS, the Authority has considered the application of GMUF Potomac Heights,
LLC (the "Borrower"), a Virginia limited liability company, whose sole member, George
Mason University Foundation, Inc., is an organization which is not organized exclusively for
religious purposes and is described in Section 501(c)(3) of the Internal Revenue Code of 1986,
as amended ("Code"), requesting that the Authority issue up to $18,500,000 of its revenue
bonds or notes (the "Bonds"), at one time or from time to time in one or more tax-exempt or
taxable series, to assist the Borrower in (a) refunding the Authority's outstanding Student
Housing Refunding Revenue Bonds (George Mason University Foundation, Inc. Project),
Series 2013 (the "2013 Bonds"), which were issued for the purpose of refunding certain prior
bonds issued by the Authority to finance or refinance the cost of certain capital improvements
owned by the Borrower or its sole member, including (i) an approximately 504 bed student
apartment complex consisting of approximately 183,000 square feet located at 10350 York
River Road, Fairfax, Virginia, (ii) an approximately 36,000 square foot residential and office
facility known as University Park and located at 4260 Chain Bridge Road, 4262 Chain Bridge
Road, 4264 Chain Bridge Road and 4266 Chain Bridge Road, Fairfax, Virginia ("University
Park") and (iii) approximately 32,500 square feet of office and administrative facilities known
as the Commerce I and Commerce II buildings located at 4085-4087 University Drive, Fairfax,
Virginia (the "Commerce Buildings"); (b) funding swap breakage costs in connection with the
2013 Bonds; and (c) funding certain costs of the issuance of the Bonds (collectively, the
"Refunding Project") and has held a public hearing in connection therewith on November 8,
2017; and
WHEREAS, Section 147(f) of the Code provides that the applicable elected
representatives of the governmental unit having jurisdiction over the area in which any facility
financed with the proceeds of private activity bonds is located must approve the issuance of
such bonds; and
WHEREAS, University Park and the Commerce Buildings are located in the City of
Fairfax, Virginia (the "City"); and
WHEREAS, the members of the City Council of the City (the "City Council")
constitute the applicable elected representatives of the City; and
WHEREAS, the Authority has adopted a resolution with respect to the Bonds on
November 8, 2017 and has recommended that the City Council approve the issuance of the
Bonds; and
WHEREAS, a copy of the Authority's resolution for the Bonds, a certificate of the
public hearing (including a summary of statements expressed at the hearing) and a fiscal impact
statement have been filed with the City Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAIRFAX, VIRGINIA:
1. The City Council approves the issuance of the Bonds by the Authority for the
benefit of the Borrower, as required by Section 147(f) of the Code, to permit the Authority to
assist in financing the Refunding Project.
2. The approval of the issuance of the Bonds does not constitute an endorsement
to a prospective purchaser of the Bonds of the creditworthiness of the Refunding Project or the
Borrower.
3. The Bonds shall provide that neither the City nor the County of Fairfax, Virginia
(the "County") nor the Authority shall be obligated to pay the Bonds or the interest thereon or
other costs incident thereto except from the revenues and monies pledged thereto and that
neither the faith and credit nor the taxing power of the City or the County is pledged to the
payment of the principal of the Bonds or the interest thereon or other costs incident thereto.
The Authority has no taxing power.
4. In adopting this resolution, the City, including its elected council members,
representatives, officers, employees and agents, shall not be liable for, and hereby disclaims all
liability for, any damages to any person, direct or consequential, resulting from the Authority's
failure to issue the Bonds for any reason.
5. This resolution shall take effect immediately upon its adoption.
ADOPTED this 14'' day of November, 2017.
Mayor
Attest:
Lianim ram
The vote on the motion to approve was recorded as follows:
VOTE:
Councilmember DeMarco
Aye
Councilman Greenfield
Aye
Councilmember Miller
Aye
Councilmember Passey
Aye
Councilmember Schmidt
Aye
Councilmember Stehle
Aye