19990209 r-99-4RESOLTUION NO: R-99-4
A RESOLUTION GUARANTEEING, TO THE EXTENT
PERMITTED BY APPLICABLE LAW AND SUBJECT TO
FUTURE APPROPRIATIONS FOR THIS PURPOSE BY
THE CITY COUNCIL FOR THE CITY OF FAIRFAX,
THE FINANCING EXTENDED TO THE ECONOMIC
DEVELOPMENT AUTHORITY BY SOUTHERN
FINANCIAL BANK IN CONNECTION WITH THE
PURCHASE OF CERTAIN REAL PROPERTY LOCATED
WITHIN THE CITY OF FAIRFAX, AND MORE
PARTICULARLY IDENTIFIED AS TAX MAP PARCEL
NOS. 57-2-((2))-11, 57-2-((2))-17, 57-2-((2))-18
AND 57-2-((2))-19.
WHEREAS, the City of Fairfax Economic Development Authority entered into a
Purchase Agreement, dated November 2, 1998, for the purchase of certain real property
located within the City of Fairfax; namely approximately 2.4746 acres of land designated on
the records of the City of Fairfax, Virginia, for assessment and taxation purposes, as Tax
Map Nos. 57-2-((2))-11, 57-2-((2))-17, 57-2-((2))-18 and 57-2-((2))-19, and all
improvements thereon (the "Property"), for the purchase price of $1,275,000.00; and
WHEREAS, on November 10, 1998, the City Council of the City of Fairfax adopted
a resolution authorizing the City of Fairfax Economic Development Authority to enter into
the Purchase Agreement, obtain the necessary financing (the "Loan"), and to execute
necessary closing documents for the purchase of the Property; and
WHEREAS, as a condition to extending the Loan to the City of Fairfax Economic
Development Authority, Southern Financial Bank (the "Bank") is requiring that the City of
Fairfax guaranty the Loan, to the extent it is permitted to do so by law.
NOW, THEREFORE, the City of Fairfax, Virginia, hereby, to the extent it is able to
do so under applicable law, and subject to future appropriations for this purpose by the City
Council of the City of Fairfax, which appropriations may or may not be made, hereby
guarantees to the Bank the repayment of the Loan should the The City of Fairfax Economic
Development Authority be unable to .do so.
This Resolution shall become effective as provided by law.
ENACTED: February 9, 1999
Vote
T. Coughlan Aye
J. Greenfield Aye
R. Lederer No
J. Petersen Aye
G. Rasmussen Aye
S. Silverthome No
(xMayo~
ATTEST:
0 '~) City Clerk-