Economic Development Authority

Tax-Exempt Bond Financing

The Economic Development Authority is empowered, under state law, to issue tax-exempt revenue bonds to assist in financing certain types of facilities, subject to requirements and limitations imposed under the Internal Revenue Code of 1986, Chapters 49 and 50 of Title 15.2 of the Code of Virginia, and Section 260.02 of the Codified Ordinances of Loudoun County.  Projects eligible for tax-exempt financing through the EDA may include, but are not limited to, the following types of facilities owned by qualified 501(c)(3) organizations:

  • Medical or research facilities;
  • Facilities for the residence of low income or elderly persons (in certain circumstances, these may qualify even if owned by for-profit organizations);
  • Facilities for the care of elderly persons;
  • Private, non-profit institutions of collegiate, elementary or secondary education;
  • Office or administrative space; or
  • Parking facilities relating to any of the foregoing.

When issuing its tax-exempt bonds, the EDA serves solely as a conduit between the borrower and a third-party lender or underwriter.  It is the borrower’s responsibility to secure a funding source (i.e., a purchaser for the bonds). Under state law, any bonds issued by the EDA do not constitute a debt or a pledge of the faith and credit of the EDA, Loudoun County or the Commonwealth of Virginia.

Tax-Exempt Bond Application Requirements

Prior to submitting an application for tax-exempt financing to the EDA, potential borrowers should contact Counsel for the EDA to discuss project timeline and scheduling issues, and to determine a proposed date for presentation of the application to the EDA Board of Directors.

An application for tax-exempt financing from the EDA must include the following:

1. Executed Agreement for Payment of Expenses and $2500 Application Fee;

2. Curriculum vitae or other materials identifying nationally-recognized bond counsel proposed by the Borrower; such materials should reflect counsel’s qualifications for the proposed transaction. Note: Applicant’s bond counsel selection is subject to approval by the EDA.

3. Project Description to include, at a minimum:

    • Identification of project owner and/or developer and key investors;
    • Type and location of facility; services and/or products to be provided; intended market and/or customer base;
    • Outline of the project scope – new construction, rehabilitation or expansion; estimated project budget; whether proposed transaction includes land acquisition;
    • Statement whether the project constitutes a new or existing facility or enterprise; description of the applicant’s history or prior presence in Loudoun County, if any;
    • For affordable housing projects, description should identify housing type(s), number and mix of units, and income restrictions;
    • Other material information as determined by the applicant.

4. Description of proposed transaction to include:

    • Statement whether transaction is “new money,” refunding or reissuance; if refunding, statement whether TEFRA hearing is required and justification for same;
    • Identification of parties (i.e., borrower, lender/underwriter, trustee, borrower’s counsel, underwriter’s counsel, etc., as applicable);
    • Commitment letter from lender/underwriter;
    • Summary of transaction structure and terms;
    • Overview of finance plan for the project, including identification of other funding sources.

5. A statement identifying the eligibility of the project for tax-exempt financing under federal law.

6. A statement identifying the eligibility of the project and proposed transaction structure for financing through the EDA pursuant to the Virginia Industrial Development and Revenue Bond Act, Va. Code §§ 15.2-4900, et seq.

7. A statement whether the project requires an allocation from Virginia’s private activity bond ceiling (“volume cap”); if so, identification of applicable allocation pool (i.e., housing, industrial development, or state allocation), remaining allocation in the pool as of application date, and identification of agency responsible for administering allocation; the applicant is responsible for completing the appropriate application form and assembling the necessary attachments or exhibits

8. Drafts of key transaction documents (e.g., loan agreement, bond, note, other documents the EDA would be required to execute, excluding Form 8038 and closing certificates)

9. For refunding or reissuance transactions, a copy of any existing agreement, notes or other instruments that will be modified and/or incorporated by referenced into documents to be executed by the EDA as part of the current transaction

10. Proposed EDA inducement resolution

11. If applicable, draft of TEFRA hearing notice; must be approved by Counsel for the EDA before the notice is submitted to a newspaper for publication

12. If applicable, draft of packet to be delivered to the Board of Supervisors of Loudoun County following EDA approval (pursuant to Va. Code §§ 15.2-4906 and 15.2-4907 and Section 260.02(b)(2)(B) of the Codified Ordinances of Loudoun County), including proposed resolution for approval by Board of Supervisors

Complete application packages should be submitted to Counsel for the EDA before the first publication of the TEFRA hearing notice or, if no TEFRA hearing is required, at least two weeks before the meeting at which the application will be presented to the EDA Board. EDA’s counsel must have a reasonable opportunity to review and comment upon the transaction documents comprising Item 8 before the application is presented to the EDA Board for consideration and approval. The transaction documents need not be in final form as of the date of the EDA hearing/meeting date, as long as there are no significant outstanding issues. Items 3-7 may be combined into one or more documents or executive summaries at the applicant’s discretion. An application package should identify a primary point of contact for the applicant and bond counsel.

If required, a draft TEFRA hearing notice may be submitted to EDA counsel for review prior to the rest of the application package. The EDA will not commence review of any application materials (other than the draft hearing notice) until an executed Agreement for Payment of Expenses and the application fee are received.

Application materials should be delivered to counsel for the EDA as follows:
Courtney R. Sydnor
Office of County Attorney
1 Harrison Street, SE, 5th Floor
PO Box 7000 Leesburg, Virginia 20177-7000
(703) 771-5055

Loudoun Economic Development Authority Bond Financing Projects, 1976-Present

Applicant/GranteeDate SettledBond AmountBond CounselLender/Grantor
County of Loudoun (various projects)November 17, 2016$60,900,000Nixon PeabodyCitigroup Global Markets, Inc.
Air Force Retired Officers Community—Washington, DC (Falcons Landing)November 4, 2016$32,625,477McGuire WoodsUnion Bank & Trust
County of Loudoun (various projects)June 8, 2016$35,795,000Nixon PeabodyPublic Issue
Diocese of ArlingtonFebruary 17, 2016$70,000,000Christian&BartonBB&T Comm. Holdings
Loudoun County (various)November 12, 2015$75,300,000Nixon PeabodyPublic Issue
County of Loudoun (various projects)February 26, 2015$30,985,000Nixon PeabodyPublic Issue
TIFIA (Metro)December 4, 2014$196,000,000Nixon PeabodyFederal Government
Air Force Retired Officers Community (AFROC)September 16, 2014$21,226,879 (Refinance)McGuire WoodsUnited Bank
Howard Hughes Medical Institute (apt. 2)May 5, 2013$33,130,000McGuire WoodsPublic Issue
Loudoun County (Sycolin Rd. Buildings)June 28, 2011$33,455,000 (Series A) $2,785,000 (Series B) Nixon PeabodyPublic Issue
Savvy Enterprises, LLCFebruary 26, 2010$1,479,000McGuire WoodsMiddleburg Bank
Hill School Corporation of Middleburg & Hill School PropertiesApril 7, 2010$12,500,000McGuire WoodsSunTrust
Howard Hughes Medical Institute (apt. 1)October 2, 2009$23,000,000McGuire WoodsPublic Issue
Loudoun Country Day SchoolMarch 28, 2008$29,700,000Ballard Spahr Andrews & IngersollPublic Issue
Air Force Retired Officers Community (AFROC)August 5, 2004$56,900,000 (Refinance)McGuire WoodsPublic Issue
Jack Kent Cooke FoundationJune 2, 2004$12,500,000McGuire WoodsPublic Issue
Hamilton Safety CenterMay 28, 2004$2,000,000McGuire WoodsBB&T
Loudoun County Government BuildingJune 17, 2003$21,530,000McGuire WoodsSunTrust
Howard Hughes Medical InstituteFebruary 27, 2003$500,000,000McGuire WoodsPublic Issue
Loudoun Hospital CenterJune 27, 2002$18,365,000Hunton & WilliamsPublic Issue
The Hill School Corporation of MiddleburgMarch 21, 2002$9,200,000McGuire WoodsPublic Issue; Suntrust
Ashburn Volunteer Fire and Rescue DepartmentJune 29, 2001$4,250,000McGuire WoodsWachovia
Supreme Concrete Block May 22, 2001$1,400,000Kutak RockGE Capital Public
Atlantic Coast AirlinesApril 26, 2001$12,345,000Hunton & WilliamsFleet National
Electronic Instrumentation & Technology, Inc.March 1, 1999$3,960,000McGuire WoodsWachovia
American Roentgen Ray SocietyJuly 1, 1998$1,860,000Mays & ValentineNationsBank
Signature Flight Support CorporationApril 29, 1998$6,500,000Hunton & WilliamsChase Securities
Air Force Retired Officers Community (AFROC)March 18, 1998$66,900,000McGuire WoodsPublic Issue
The Hill School Corporation of MiddleburgJuly 1, 1997$3,500,000Shaw Pittman Potts & TrowbridgePrivate Placement
Alantic Coast AirlinesJune 24, 1997$9,425,000Hunton & WilliamsFleet National
Sterling Park Safety CenterMarch 5, 1997$2,800,000McGuire WoodsFleet National
ay-Son PartnershipAugust 29, 1996$1,705,000McGuire WoodsCentral Fidelity
The Sheridan Group/United Litho, Inc.July 29, 1996$8,600,000Hunton & WilliamsSignet
Marriott CorporationMarch 29, 1996$11,500,000Ballard Spahr Andrews & IngersollPublic Issue
Loudoun Hospital CenterOctober 26, 1995$67,785,000Hunton & WilliamsPublic Issue
Gateway Leesburg Hotel ProjectDecember 12, 1994$3,250,000Christian Barton Epps Brent & ChappellCrestar
Air Force Retired Officers Community (AFROC)October 31, 1994$88,000,000Hunton & WilliamsNationsBank
Washington Dulles Air Cargo Limited Parntership (Phase II)September 9, 1993$5,370,000Hunton & WilliamsWheat First Securities
Northern Virginia Criminal Justice Academy4/29/93 closed 7/1/2000$6,585,000McGuire WoodsWheat First Securities
Commonwealth Associates (REFINANCING)November 19, 1992$2,857,000Williams Mullen Christian & DobbinsPrivate Placement
Washington Dulles Air Cargo Limited Partnership (Phase I)September 22, 1992$16,795,000Hunton & WilliamsWheat First Securities
G.W. RefinancingJune 30, 1992$18,000,000Hunton & WilliamsRiggs National Bank
ECHOAugust 9, 1991$750,000Mays, ValentineSovran
Loudoun Hospital Center (See 1995 Refunding Issue)December 15, 1990$10,000,000Hunton & WilliamsWheat First Securities
George Washington UniversityJune 26, 1990$18,000,000Hunton & WilliamsRiggs National Bank
Arundal Communicaitons, Inc. (Modified location 6/1/89)January 31, 1989$3,700,000Hunton & WilliamsSovran
Kinder Care (REFINANCING)December 29, 1988$394,000Kaufman Rothfeder & BlitzFirst Alabama
BHM&G Investments Indian Creek (REFINANCING)December 10, 1987$2,892,000Hunton & WilliamsSovran
Dowty Aerospace CorporationJune 25, 1987$3,600,000Hunton & WilliamsMellon
Skatron, Inc.December 12, 1985$1,500,000Hunton & WilliamsMorgan Guaranty
Richard E. WardDecember 11, 1985$950,000Hazel, Beckhorn & HanesNat'l Bank of Wash
Marriott CorporationSeptember 25, 1985$11,500,000Kutak, Rock & CampbellSmith Barney
Diamond Paper CorporationJune 20, 1985$1,670,000Shaw, Pittman, Potts & TrowbridgeSuburban Bank
Commonwealth AssociatesMarch 4, 1985$1,200,000Lane & EdisonUnited VA Bank
Philip Y. HahnDecember 30, 1984$1,450,000Graber & Knicely
Herndon ConcreteDecember 28, 1984$1,750,000Shaw, Pittman, Potts & TrowbridgeCentral Fidelity
Hugh A.M. Shafer, Jr. TrusteeDecember 27, 1984$1,225,500Boothe, Prichard & Dudley
S&S AssociatesDecember 27, 1984$1,800,000Miles & StockbridgeGeorge Mason
Leesburg Professional CenterDecember 22, 1984$3,300,000Krolick & DeGraafFirst American
Kinder CareDecember 20, 1984$394,000Hunton & WilliamsAmSouth
Valik Company (Refi., 1992, lost tax-exempt status. Bonds pd 94)December 14, 1984$3,700,000Lane & EdisonDominion of NOVA
Douglass Court Joint VentureNovember 27, 1984$1,443,723Miles & StockbridgeMaryland National
WGHJ AssociatesNovember 26, 1984$400,000McGuire WoodsSouthern Bank
TDK Ltd. PartnershipNovember 14, 1984$900,000Shaw, Pittman, Potts & TrowbridgeShenandoah Federal
Waverly Park Ltd. Partnership (PAID IN FULL 3/8/96)November 14, 1984$4,700,000Shaw, Pittman, Potts & Trowbridge1st American
Harold I. MillerNovember 1, 1984$325,000Hazel, Beckhorn & Hanes
BHM&G InvestmentsSeptember 27, 1984$1,500,000Hunton & WilliamsDominion of NOVA
United Air Warehousing Associates IISeptember 25, 1984$1,400,000Miles & StockbridgeMarine Midland
MAY-SON Partnership (Office & high tech facility, Sterling)June 7, 1984$1,150,000Boothe, Prichard & DudleyCentral Fidelity
Medallion Industries Inc. (Lloyd Shelton-- Mechanical contracting)December 29, 1983$498,000Boothe, Prichard & DudleyJohn Hanson
R/T Investments (Chantilly, VA)December 29, 1983$800,000Shaw, Pittman, Potts & TrowbridgeFirst Virginia
Victory Van Corp Metropolitan Transfer Corp - Commonwealth AsstsDecember 13, 1983$3,636,000Hunton & WilliamsUnited VA Bank
BHM&G Investments (Frank Boggess)October 4, 1983$930,000Hunton & WilliamsDominion National
Yount, Hyde & Barbour LeasingDecember 30, 1982$250,000Hunton & WilliamsNon-Institutional
PAGE AVJET Corporation (Expansion/new hangar at IAD)December 28, 1982$4,000,000Kraft & HughesChemical Bank
Plamondon's Enterprises, Inc. (Roy Rogers - Leesburg)October 5, 1982$407,000Kelly, Louk, Lawson & ShumateFirs & Merchants
Children's World, Inc. (Sterling)July 15, 1982$575,000Hazel, Beckhorn & HanesRiggs National
Virst Venture of Virginia (Hardees - Leesburg)July 12, 1982$300,000McGuire WoodsPeoples National
Circle-K-Industries (Isaac & Anna L. Keen - Machine Fabrication)June 9, 1982$275,000Kelly, Louk, Lawson & ShumateFirst Virginia
Dulles International Partnership and Airport Limo, Inc. May 5, 1982$307,000Pratt, Buonassissi & HenningFirst American
Systematics General (Sterling)April 30, 1982
National American Wholesale Grocers Assn. (NAWGA)January 22, 1982$1,100,000Hunton & WilliamsFirst Virginia
Colonial Inn Limited Partnership (Trowbridge Littleton Restoration)December 22, 1981$460,000Kelly, Louk, Lawson & ShumateF&M National
Quality Brands (Charles G. Hadeed)October 23, 1981$235,000Brown, Younger & Fadoul, P.C.F&M National
M&M Investments (Taylor Rental Center)September 2, 1981$167,000Kelly, Louk, Lawson & ShumateFirst American
Your Extra Storage (Sterling)September 1, 1981$97,500Kelly, Louk, Lawson & ShumatePeoples National
Robertson's Building No. Two Partnership (Falls Church)May 15, 1981$900,000Hunton & WilliamsNorthern Virginia
International Autopen (U.S. Steel Industrial Park)May 4, 1981$225,000Hunton & WilliamsSavings Bank of Balt
BHM&G Investments (Frank Boggess)March 24, 1981$820,000Hunton & WilliamsDominion National
Systematics General (Sterling)November 30, 1980$3,500,000Hunton & WilliamsRiggs National
3-H Land Partnership (J.T. Hirst & Company -Leesburg)November 24, 1980$1,120,000McGuire WoodsF&M National
Alban Tractor Company (REINSTATED)October 20, 1980$1,000,000 / $3,000,000Hunton & Williams1st National of MD
Loudoun Memorial Hospital (Leesburg)February 19, 1980$7,250,000Hunton & WilliamsFirst American
Dowty Rotol, Inc. (Sterling)February 18, 1980$5,000,000McGuire WoodsEuropean American
Insulated Building (Sterling)October 3, 1979$445,000Lane & EdisonUnited Virginia
Radiation Systems, Inc. (Sterling)May 11, 1979$2,800,000McGuire WoodsNational Bank of MD
Metro Printing (Sterling)May 7, 1979$950,000Covington & BurringF&M National
Vocational Industrial Clubs of America, Inc. (Lucketts)December 7, 1978$1,700,000Lane & EdisonUnited Virginia
Hazelton Labs (Sterling - AUTHORIZED FOR PRE-PAYMENT 2/25/86)September 1, 1978$1,000,000McGuire WoodsF&M National
The Shade Shop (Sterling)December 1, 1977$450,000Wilkie Farr & GallagherBank of MD
Dowty Rotol, Inc. (Sterling)February 1, 1976$2,000,000Hunton & WilliamsHome Life Insurance

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