2014-10 ORDINANCE NO. 2014-10
AN ORDINANCE AWARDING ONE OR MORE PRIME LEASES TO
EFFECT THE FINANCING OF THE ACQUISITION AND
IMPROVEMENT OF CERTAIN REAL ESTATE FOR PARKS,
RECREATION AND PUBLIC SAFETY PURPOSES
WHEREAS, the 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
acquisition, construction, equipping, renovation, rehabilitation, development and/or
improvement of certain parcels of real property for parks, recreation and public safety
purposes, including the Old Town Square project, the East Street parking project, the North
Street pedestrian barrier project and the firing range project at the City's Property Yard
(collectively, the "Project");
WHEREAS, the Council has determined that it is in the best interests of the City and
its residents to finance the Project through a financing lease structure pursuant to which the
City will lease certain real property and the existing improvements thereon owned by and
located in the City, including (i) the parking lot located at 10421 North Street (previously the
Weight Watchers building), (ii) Old Town Hall and related parking located at 3999 University
Drive, (iii) the parcel of real property located at 10415 North Street (previously the Woods
property), (iv) a parking lot and related easement located at 10364 Main Street, (v) the
Keenan parking lot located at 10413 North Street, (vi) the Woods parking lot located at 3928
Old Lee Highway and (vii) the building of approximately 3,492 square feet containing the
indoor firing range used by the City Police Department located at the City's Property Yard at
3410 Pickett Road (collectively, the "Collateral Property");
WHEREAS, pursuant to an advertisement in the manner prescribed by law, the
Council has received bids from entities described on Exhibit A hereto offering to act as prime
lessee under one or more prime leases and to act as financing lessor under one or more
financing lease agreements, 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 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 oqualification ost favorable terms to the bidder as
effect the lease
that provides the lowest overall c
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 TD Bank the lease of all or a portion
of the parcels constituting the Property in accordance with the terms referenced above and
pursuant to one or more prime leases, each for a period not to exceed thirty (30) years. Each
prime 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 8, 2014
City Council hearing: April 22, 2014
Adopted: April 22, 2014
Mayor
Date
ATTEST:
iA i— f/
City Clerk
Votes
Councilman DeMarco Aye
Councilman Drummond Aye
Councilman Greenfield Aye
Councilman Meyer Aye
Councilmember Schmidt Absent
Councilman Stombres Absent