HomeMy Public PortalAbout2001_04_24_r058The Town of
1 .eesburg,
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PRESENTED April 24, 2001
RESOLUTION NO.2001-58
ADOPTED April 24, 2001
A RESOLUTION: RECOMMENDING BOND REFINANCING FOR WINDSOR AT
FIEDSTONE
WHEREAS, the Council of the Town of Leesburg, Virginia (the "Council") has been
requested by Windsor at Fieldstone Limited Partnership, a Virginia limited partnership
("Windsor at Fieldstone"), whose principal business address c/o General Investment &
Development Co., 600 Atlantic Avenue, Suite 2000, Boston, Massachusetts 02210, to hold a
public hearing on the issuance by the Suffolk Redevelopment and Housing Authority (the
"Suffolk Authority") of its multifamily housing revenue refunding bonds in an amount not to
exceed $18,240,000 (the "Bonds"), pursuant to the Housing Authorities Law, Title 36, Chapter 1
of the Code of Virginia of 1950, as amended (the "Housing Act"); and
WHEREAS, the proceeds of the Bonds will be used to assist Windsor at Fieldstone in
refunding the outstanding principal balance of the Suffolk Authority's $20,370,000 Floating Rate
Demand Multifamily Rental Housing Bonds (IMG/Exeter Associates Limited Partnership),
Series 1985 (the "Prior Bonds"), the proceeds of which were used to finance the cost of the
acquisition, construction and equipping of a 384 unit garden apartment project located on a
parcel of land consisting of 20.1 acres, more or less, at 703 Clark Court, N.E., Leesburg, Virginia
20176 (the "Project"); and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the
"Code"), and Section 15.2-4906 of the Code of Virginia of 1950, as amended, as applied to the
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A RESOLUTION: RECOMMENDING BOND REFINANCING FOR WINDSOR AT FIELDSTONE
issuance of bonds under the Housing Act (the "Virginia Code"), provide that the highest elected
governmental unit of the locality 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; and
WHEREAS, the Project is located in the Town of Leesburg, Virginia (the "Town") and
the Council constitutes the highest elected governmental unit of the Town; and
WHEREAS, the Council has held the public hearing on the issuance of the Bonds prior to
the adoption of this Resolution and a copy of Windsor at Fieldstone's Fiscal Impact Statement
has been filed with the Council.
THEREFORE, RESOLVED by the Council of the Town of Leesburg, Virginia:
SECTION I. The recitals made in the first two "WHEREAS" clauses above are hereby
adopted as part of this Resolution.
SECTION 1I. The Council hereby approves, to the extent required by Section 147(f) of
the Code and by the Virginia Code, the issuance of the Bonds by the Suffolk Authority to refund
the Prior Bonds for the benefit of Windsor at Fieldstone.
SECTION 1II. The approval of the issuance of the Bonds does not constitute an
endorsement to a prospective purchaser of the creditworthiness of the Project or of Windsor at
Fieldstone, and the Town shall not be obligated to pay the Bonds or the interest thereon or other
costs incident thereto, and neither the faith and credit nor the taxing power of the Commonwealth
of Virginia nor any political subdivision thereof, including the Town, shall be pledged thereto.
SECTION IV. The Town, including its elected representatives, officers, employees and
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A RESOLUTION: RECOMMENDING BOND REFINANCING FOR WINDSOR AT FIELDSTONE
agents, shall not be liable, and hereby disclaims all liability for any damage, to Windsor at
Fieldstone, direct or consequential, resulting from the Suffolk Authority's failure to issue the
Bonds for any reason.
SECTION V. This resolution shall take effect immediately upon its adoption.
PASSED this 24th day of April, 2001.
ATTEST:
erk of Council
R: Windsor at Fieldstone
Mayor
Town of Leesburg
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A RESOLUTION: RECOMMENDING BOND REFINANCING FOR WINDSOR AT FIELDSTONE
CERTIFICATION
The undersigned Clerk of the Council of the Town of Leesburg, Virginia hereby
certifies that the foregoing constitutes a true, correct and complete copy of a Resolution duly
adopted by the Council of the Town of Leesburg, Virginia at a meeting duly called and held on
the 24th day of April, 2001 and during which a quorum was present and acting throughout, by the
vote set forth below, and that such Resolution has not been repealed, revoked, rescinded or
amended:
Council Member Present/Absent Vote
Leonard McDonald Present Aye
Robert Zoldos Present Aye
George Atwell Absent
Mervin Jackson Present Aye
Kristen Umstattd Present Aye
David Schmidt Present Aye
Mayor B.J. Webb Present Aye
WITNESS, my hand and the seal of the Council of the Town of Leesburg,
Virginia, this 24th day of April, 2001.
~rk, Council of the Town of Leesburg,
Virginia