Reference No. CR-069-2017    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 10/24/2017
Introduced Date 9/19/2017 Public Hearing Date
Effective date: 10/24/2017    
Title: A RESOLUTION CONCERNING WINDING DOWN AND TERMINATION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY; AUTHORIZATION TO DISPOSE OF INDUSTRIAL DEVELOPMENT AUTHORITY ASSETS, BONDS, LEASES AND OTHER PROPERTY; AND AUTHORIZATION TO EXECUTE CERTAIN RELATED LEASES AND AGREEMENTS for the purposes of authorizing winding down the affairs of the Industrial Development Authority (“IDA”), including but not limited to the redemption and defeasance of the IDA Bonds; the disposition of IDA real property. including but not limited to authorizing the acquisition by the County of the IDA’s interests in the DuVall Wing Restoration Project and the Upper Marlboro Justice Center Project; authorizing the transfer of the County’s interests in the DuVall Wing Restoration Project and the Upper Marlboro Justice Center Project to the Revenue Authority (defined herein) following the redemption of the IDA Bonds; authorizing the execution of a lease agreement between the County and the Revenue Authority for the Upper Marlboro...
Proposers/Sponsors: County Executive, Derrick Leon Davis, Todd M. Turner, Andrea C. Harrison, Dannielle M. Glaros
Attachments: 1. R2017069, 2. CR-69-2017 AIS.pdf, 3. CR-69-2017 Report, 4. CR-69-2017 Transmittal
Contact: Office of Law

Title

A RESOLUTION CONCERNING WINDING DOWN AND TERMINATION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY; AUTHORIZATION TO DISPOSE OF INDUSTRIAL DEVELOPMENT AUTHORITY ASSETS, BONDS, LEASES AND OTHER PROPERTY; AND AUTHORIZATION TO EXECUTE CERTAIN RELATED LEASES AND AGREEMENTS for the purposes of authorizing winding down the affairs of the Industrial Development Authority (“IDA”), including but not limited to the redemption and defeasance of the IDA Bonds; the disposition of IDA real property. including but not limited to authorizing the acquisition by the County of the IDA’s interests in the DuVall Wing Restoration Project and the Upper Marlboro Justice Center Project; authorizing the transfer of the County’s interests in the DuVall Wing Restoration Project and the Upper Marlboro Justice Center Project to the Revenue Authority (defined herein) following the redemption of the IDA Bonds; authorizing the execution of a lease agreement between the County and the Revenue Authority for the Upper Marlboro Justice Center and Gabriel DuVall Law Building; approving an amendment to the existing Justice Center Sublease between the County and the State for a portion of the DuVall Wing Restoration Project; and upon termination of the IDA, transferring title to all of the remaining assets and obligations of the IDA to the Revenue Authority.

 

Background

The proposed legislation authorizes winding down the affairs of the Industrial Development Authority which includes the redemption and defeasance of the IDA Bonds.  It also includes the following: the disposition of IDA real property, including but not limited to authorizing the acquisition by the County of the IDA’s interests in the DuVall Wing Restoration Project and the Upper Marlboro Justice Center Project; authorizing the transfer of the County’s interests in the DuVall Wing Restoration Project and the Upper Marlboro Justice Center Project to the Revenue Authority (defined herein) following the redemption of the IDA Bonds; authorizing the execution of a lease agreement between the County and the Revenue Authority for the Upper Marlboro Justice Center and Gabriel DuVall Law Building; approving an amendment to the existing Justice Center Sublease between the County and the State for a portion of the DuVall Wing Restoration Project; and upon termination of the IDA, transferring title to all of the remaining assets and obligations of the IDA to the Revenue Authority.



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