R-13-08 , \
1
RESOLUTION NO. R-13-08
RESOLUTION APPROVING THE ISSUANCE BY THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE TOWN OF CLIFTON,
VIRGINIA OF EDUCATION FACILITIES
REFUNDING BONDS IN AN AMOUNT ME BUILDINGS, LLC
FOR THE BENEFIT OF GMUF COM ERC
a
WHEREAS, the Industrial Development Authority of the Town
GMUF Clifton, irgi is
(the "Clifton Authority") has considered or will consider the
Buildings. LLC, a Virginia limited liability company oihose sole member is eor o, iced
University Foundation, Inc. (the "Borrower"), an b
50
exclusively for religious purposes and is an exempt organization"Code"), t n that the
501(c)(3) of the Internal Revenue Code of 1986, as amended
Clifton Authority approve the following Plan of Financing c(collectively, the 'fPlantof
R and the issuance of revenue bonds by the Clifton refunding of certain rite tax-
exempt )
exceed $6,950,000 (the "Bonds") in connection with: (i)
bonds of the Fairfax County Economic Development Authority it 32 originally
sllyaissueedt to
refinance the acquisition, construction and renovation of pp of
office and administrative facilities known as the Commerce�Irand Commerce II bu leased
ooh
located at 4085-4087 University Drive, in the City
ii) substantial renovations to the Pr4ject; and
to George Mason University (the "Project");
(iii) certain other expenditures associated therewith to the financea a F na le, n Judi g,
without limitation, costs of bond issuance in connection with the
Clifton Authority will hold a public hearing with respect to the Plan of Financing and the
issuance of the Bonds on April 25, 2013;
WHEREAS, the Clifton Authority is issuing the because odsrather than the
nditstrial
Development Authority of the City (the "City Authority")
the capacity to issue "bank qualified" tax-exempt bonds for the Project oniin 0 C3 add the City
th p Y
Authority does not, due to the amount of the City's expected
WHEREAS, Section l47(f) of the Code provides that 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 the bonds;
WHEREAS, Section 15.2-4905 of the Industrial Revenue hat d act, Chapter 49,T created le
15.2. Code of Virginia of 1950, as amended (the "Act") provides
an
industrial development authority, no industrial development authority
the rity governing e e bbdy second and
locality may finance a facility located in the first locality unless
first locality concurs with the inducement resolution adopted by the second locality and shows
such concurrence in a duly adopted resolution; and
WHEREAS, the Project is located in the City, and the �it the of the City (the
"City Council") constitutes the highest elected governmental unit
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIIL OF THE
CITY OF FAIRFAX, VIRGINIA:
. . ,--.1!c-- A,,thnrity and
Town of Clifton. Virginia (the "Town") or the Clifton Authority, but hill be
payable solely from revenues and moneys pledged therefor by the
Neither the faith and credit nor taxing power of the Commonwealth
or ealth nor any
political subdivision thereof, including the City,
Authority, is pledged to the payment of the principal of the Bonds or the
interest thereon or the other costs incident thereto.
3. This resolution shall take effect immediately upon its adoption.
Adopted this 23rd day of April 2013.
Stkut4L.,
Mayor
ATTEST:
City Clerk
The vote on the motion to approve was recorded as follows:
VOTE:
Councilman DeMarco Aye
Councilman Drummond Aye
Councilman Greenfield Aye
Councilman Meyer Aye
Councilmember Schmidt Aye
Councilman Stombres Aye