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Contact: Alan Fogg, afogg@fceda.org,
703-790-0600 (office) or 571-213-5065 (mobile)
Fairfax County EDA wins award for arranging financing for unique arts center project
Bond Buyer honors top public infrastructure projects
Fairfax County, Virginia USA, December 6, 2006 – The Fairfax County Economic Development Authority (FCEDA) received an award for issuing bonds that are financing construction of the Lorton Workhouse Arts Center, a 55-acre campus that will include artist studios, galleries, performance spaces and a museum. The arts center is transforming part of the old Lorton Reformatory that the District of Columbia operated in southern Fairfax County for nearly a century .
The FCEDA was the issuing agency for industrial revenue bonds for the project. The FCEDA won The Bond Buyer newspaper’s southeastern regional award for small issue bond deals, and the FCEDA was one of 10 finalists for national “Deal of the Year.” The newspaper annually recognizes innovative municipal bond issuers that finance public infrastructure projects. The Deal of the Year Award went to the New York City Industrial Development Agency for its $1.59 billion bond issue to finance construction of stadiums for the New York Mets and Yankees baseball teams. The awards were announced at a December 5 dinner in New York City.
The FCEDA helps certain non-profit organizations and manufacturers expand through the issuance of tax-exempt industrial revenue bonds (IRBs) to finance the acquisition, construction or equipping of various types of facilities. Interest on qualified bonds is exempt from taxation under the Internal Revenue Service Code and generally results in a lower interest rate for the borrower. Revenues needed to pay off the bonds come from the projects, not county taxpayers.
“We are delighted to have helped the Lorton Arts Foundation with a project that will become a real asset to the Lorton community and have a positive impact on the quality of life for Fairfax County residents,” said Gerald L. Gordon, Ph.D., president and CEO of the Fairfax County Economic Development Authority.
"It is an extraordinary honor to be named a regional winner for the bond issue of the year and a finalist for the national award," said Ann Rodriguez, president and CEO of the Arts Council of Fairfax County and a member of the Fairfax County Economic Development Authority Commission. "The Fairfax County EDA and the Lorton Arts Foundation should be proud of this unique initiative to create a world-class arts center."
The Lorton Arts Foundation, Inc. (www.lortonarts.org) was organized in 2001 as a Virginia non-profit corporation to promote and support the arts in Lorton, Fairfax and neighboring counties, and the Commonwealth of Virginia. A primary goal of that mission is to preserve, renovate, and reuse the Lorton Complex's Workhouse facilities as a unique arts campus consistent with the county’s goals to redevelop the property.
The Lorton community, a residential area in southeastern Fairfax County, was long known for the Lorton Reformatory that housed prisoners from the District of Columbia. The prison closed in 2001 and the land was transferred from the federal government to Fairfax County. The county renamed the prison property as Laurel Hill in commemoration of an 18 th-century home on the site and began a master planning process to determine how to best reuse many of the buildings and identify the park and recreation requirements of a changing community. On the prison property now is South County Secondary School, a water treatment plant, the 18-hole Laurel Hill public golf course, part of the Cross County Trail, and housing. In addition to the arts center, a Cold War Museum and other park and recreation uses are being planned for the site.
Business growth helps Fairfax County fund public services, such as the nation’s top-rated school system and library, park, public safety and human services, which contribute to the quality of life of residents. Fairfax County offers businesses a state-of-the-art telecommunications infrastructure, access to domestic and international markets through Washington Dulles International Airport, and a well-educated workforce.
The Fairfax County Economic Development Authority (www.FairfaxCountyEDA.org) promotes Fairfax County as a business and technology center. The FCEDA’s Capital Attraction Program links technology entrepreneurs with potential investors. Another program supports the growth of minority- and woman-owned businesses. The FCEDA maintains offices in Silicon Valley, Bangalore, Frankfurt, London, Seoul and Tel Aviv.
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