
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.
Prior to submitting an application for tax-exempt bond financing through the EDA, potential borrowers should (i) consult nationally recognized bond counsel to determine whether the proposed transaction is eligible for such financing under applicable federal, state and local law; (ii) if applicable, determine the remaining balance for Virginia’s allocation of private activity bonds; (iii) secure a funding source; and (iv) contact the EDA’s counsel for detailed application requirements and procedures. At a minimum, all applications for tax exempt bond financing must be accompanied by:
- An application fee in the amount of $2,500 (if the transaction is consummated, additional administrative fees will apply);
- Executed Agreement for Payment of Expenses; and
- Curriculum vitae or other materials identifying bond counsel (by firm and specific attorneys) and demonstrating counsel’s qualifications to serve as bond counsel for the particular transaction.
Links to the fee schedule and Agreement for Payment of Expenses are found on this page. Any questions regarding the application process should be directed to the counsel for the EDA.
Loudoun Economic Development Authority Bond Financing Projects, 1976-Present
Applicant/Grantee | Date Settled | Bond Amount | Bond Counsel | Lender/Grantor |
---|---|---|---|---|
County of Loudoun (various projects) | November 17, 2016 | $60,900,000 | Nixon Peabody | Citigroup Global Markets, Inc. |
Air Force Retired Officers Community—Washington, DC (Falcons Landing) | November 4, 2016 | $32,625,477 | McGuire Woods | Union Bank & Trust |
County of Loudoun (various projects) | June 8, 2016 | $35,795,000 | Nixon Peabody | Public Issue |
Diocese of Arlington | February 17, 2016 | $70,000,000 | Christian&Barton | BB&T Comm. Holdings |
Loudoun County (various) | November 12, 2015 | $75,300,000 | Nixon Peabody | Public Issue |
County of Loudoun (various projects) | February 26, 2015 | $30,985,000 | Nixon Peabody | Public Issue |
TIFIA (Metro) | December 4, 2014 | $196,000,000 | Nixon Peabody | Federal Government |
Air Force Retired Officers Community (AFROC) | September 16, 2014 | $21,226,879 (Refinance) | McGuire Woods | United Bank |
Howard Hughes Medical Institute (apt. 2) | May 5, 2013 | $33,130,000 | McGuire Woods | Public Issue |
Loudoun County (Sycolin Rd. Buildings) | June 28, 2011 | $33,455,000 (Series A) $2,785,000 (Series B) | Nixon Peabody | Public Issue |
Savvy Enterprises, LLC | February 26, 2010 | $1,479,000 | McGuire Woods | Middleburg Bank |
Hill School Corporation of Middleburg & Hill School Properties | April 7, 2010 | $12,500,000 | McGuire Woods | SunTrust |
Howard Hughes Medical Institute (apt. 1) | October 2, 2009 | $23,000,000 | McGuire Woods | Public Issue |
Loudoun Country Day School | March 28, 2008 | $29,700,000 | Ballard Spahr Andrews & Ingersoll | Public Issue |
Air Force Retired Officers Community (AFROC) | August 5, 2004 | $56,900,000 (Refinance) | McGuire Woods | Public Issue |
Jack Kent Cooke Foundation | June 2, 2004 | $12,500,000 | McGuire Woods | Public Issue |
Hamilton Safety Center | May 28, 2004 | $2,000,000 | McGuire Woods | BB&T |
Loudoun County Government Building | June 17, 2003 | $21,530,000 | McGuire Woods | SunTrust |
Howard Hughes Medical Institute | February 27, 2003 | $500,000,000 | McGuire Woods | Public Issue |
Loudoun Hospital Center | June 27, 2002 | $18,365,000 | Hunton & Williams | Public Issue |
The Hill School Corporation of Middleburg | March 21, 2002 | $9,200,000 | McGuire Woods | Public Issue; Suntrust |
Ashburn Volunteer Fire and Rescue Department | June 29, 2001 | $4,250,000 | McGuire Woods | Wachovia |
Supreme Concrete Block | May 22, 2001 | $1,400,000 | Kutak Rock | GE Capital Public |
Atlantic Coast Airlines | April 26, 2001 | $12,345,000 | Hunton & Williams | Fleet National |
Electronic Instrumentation & Technology, Inc. | March 1, 1999 | $3,960,000 | McGuire Woods | Wachovia |
American Roentgen Ray Society | July 1, 1998 | $1,860,000 | Mays & Valentine | NationsBank |
Signature Flight Support Corporation | April 29, 1998 | $6,500,000 | Hunton & Williams | Chase Securities |
Air Force Retired Officers Community (AFROC) | March 18, 1998 | $66,900,000 | McGuire Woods | Public Issue |
The Hill School Corporation of Middleburg | July 1, 1997 | $3,500,000 | Shaw Pittman Potts & Trowbridge | Private Placement |
Alantic Coast Airlines | June 24, 1997 | $9,425,000 | Hunton & Williams | Fleet National |
Sterling Park Safety Center | March 5, 1997 | $2,800,000 | McGuire Woods | Fleet National |
ay-Son Partnership | August 29, 1996 | $1,705,000 | McGuire Woods | Central Fidelity |
The Sheridan Group/United Litho, Inc. | July 29, 1996 | $8,600,000 | Hunton & Williams | Signet |
Marriott Corporation | March 29, 1996 | $11,500,000 | Ballard Spahr Andrews & Ingersoll | Public Issue |
Loudoun Hospital Center | October 26, 1995 | $67,785,000 | Hunton & Williams | Public Issue |
Gateway Leesburg Hotel Project | December 12, 1994 | $3,250,000 | Christian Barton Epps Brent & Chappell | Crestar |
Air Force Retired Officers Community (AFROC) | October 31, 1994 | $88,000,000 | Hunton & Williams | NationsBank |
Washington Dulles Air Cargo Limited Parntership (Phase II) | September 9, 1993 | $5,370,000 | Hunton & Williams | Wheat First Securities |
Northern Virginia Criminal Justice Academy | 4/29/93 closed 7/1/2000 | $6,585,000 | McGuire Woods | Wheat First Securities |
Commonwealth Associates (REFINANCING) | November 19, 1992 | $2,857,000 | Williams Mullen Christian & Dobbins | Private Placement |
Washington Dulles Air Cargo Limited Partnership (Phase I) | September 22, 1992 | $16,795,000 | Hunton & Williams | Wheat First Securities |
G.W. Refinancing | June 30, 1992 | $18,000,000 | Hunton & Williams | Riggs National Bank |
ECHO | August 9, 1991 | $750,000 | Mays, Valentine | Sovran |
Loudoun Hospital Center (See 1995 Refunding Issue) | December 15, 1990 | $10,000,000 | Hunton & Williams | Wheat First Securities |
George Washington University | June 26, 1990 | $18,000,000 | Hunton & Williams | Riggs National Bank |
Arundal Communicaitons, Inc. (Modified location 6/1/89) | January 31, 1989 | $3,700,000 | Hunton & Williams | Sovran |
Kinder Care (REFINANCING) | December 29, 1988 | $394,000 | Kaufman Rothfeder & Blitz | First Alabama |
BHM&G Investments Indian Creek (REFINANCING) | December 10, 1987 | $2,892,000 | Hunton & Williams | Sovran |
Dowty Aerospace Corporation | June 25, 1987 | $3,600,000 | Hunton & Williams | Mellon |
Skatron, Inc. | December 12, 1985 | $1,500,000 | Hunton & Williams | Morgan Guaranty |
Richard E. Ward | December 11, 1985 | $950,000 | Hazel, Beckhorn & Hanes | Nat'l Bank of Wash |
Marriott Corporation | September 25, 1985 | $11,500,000 | Kutak, Rock & Campbell | Smith Barney |
Diamond Paper Corporation | June 20, 1985 | $1,670,000 | Shaw, Pittman, Potts & Trowbridge | Suburban Bank |
Commonwealth Associates | March 4, 1985 | $1,200,000 | Lane & Edison | United VA Bank |
Philip Y. Hahn | December 30, 1984 | $1,450,000 | Graber & Knicely | |
Herndon Concrete | December 28, 1984 | $1,750,000 | Shaw, Pittman, Potts & Trowbridge | Central Fidelity |
Hugh A.M. Shafer, Jr. Trustee | December 27, 1984 | $1,225,500 | Boothe, Prichard & Dudley | |
S&S Associates | December 27, 1984 | $1,800,000 | Miles & Stockbridge | George Mason |
Leesburg Professional Center | December 22, 1984 | $3,300,000 | Krolick & DeGraaf | First American |
Kinder Care | December 20, 1984 | $394,000 | Hunton & Williams | AmSouth |
Valik Company (Refi., 1992, lost tax-exempt status. Bonds pd 94) | December 14, 1984 | $3,700,000 | Lane & Edison | Dominion of NOVA |
Douglass Court Joint Venture | November 27, 1984 | $1,443,723 | Miles & Stockbridge | Maryland National |
WGHJ Associates | November 26, 1984 | $400,000 | McGuire Woods | Southern Bank |
TDK Ltd. Partnership | November 14, 1984 | $900,000 | Shaw, Pittman, Potts & Trowbridge | Shenandoah Federal |
Waverly Park Ltd. Partnership (PAID IN FULL 3/8/96) | November 14, 1984 | $4,700,000 | Shaw, Pittman, Potts & Trowbridge | 1st American |
Harold I. Miller | November 1, 1984 | $325,000 | Hazel, Beckhorn & Hanes | |
BHM&G Investments | September 27, 1984 | $1,500,000 | Hunton & Williams | Dominion of NOVA |
United Air Warehousing Associates II | September 25, 1984 | $1,400,000 | Miles & Stockbridge | Marine Midland |
MAY-SON Partnership (Office & high tech facility, Sterling) | June 7, 1984 | $1,150,000 | Boothe, Prichard & Dudley | Central Fidelity |
Medallion Industries Inc. (Lloyd Shelton-- Mechanical contracting) | December 29, 1983 | $498,000 | Boothe, Prichard & Dudley | John Hanson |
R/T Investments (Chantilly, VA) | December 29, 1983 | $800,000 | Shaw, Pittman, Potts & Trowbridge | First Virginia |
Victory Van Corp Metropolitan Transfer Corp - Commonwealth Assts | December 13, 1983 | $3,636,000 | Hunton & Williams | United VA Bank |
BHM&G Investments (Frank Boggess) | October 4, 1983 | $930,000 | Hunton & Williams | Dominion National |
Yount, Hyde & Barbour Leasing | December 30, 1982 | $250,000 | Hunton & Williams | Non-Institutional |
PAGE AVJET Corporation (Expansion/new hangar at IAD) | December 28, 1982 | $4,000,000 | Kraft & Hughes | Chemical Bank |
Plamondon's Enterprises, Inc. (Roy Rogers - Leesburg) | October 5, 1982 | $407,000 | Kelly, Louk, Lawson & Shumate | Firs & Merchants |
Children's World, Inc. (Sterling) | July 15, 1982 | $575,000 | Hazel, Beckhorn & Hanes | Riggs National |
Virst Venture of Virginia (Hardees - Leesburg) | July 12, 1982 | $300,000 | McGuire Woods | Peoples National |
Circle-K-Industries (Isaac & Anna L. Keen - Machine Fabrication) | June 9, 1982 | $275,000 | Kelly, Louk, Lawson & Shumate | First Virginia |
Dulles International Partnership and Airport Limo, Inc. | May 5, 1982 | $307,000 | Pratt, Buonassissi & Henning | First American |
Systematics General (Sterling) | April 30, 1982 | |||
National American Wholesale Grocers Assn. (NAWGA) | January 22, 1982 | $1,100,000 | Hunton & Williams | First Virginia |
Colonial Inn Limited Partnership (Trowbridge Littleton Restoration) | December 22, 1981 | $460,000 | Kelly, Louk, Lawson & Shumate | F&M National |
Quality Brands (Charles G. Hadeed) | October 23, 1981 | $235,000 | Brown, Younger & Fadoul, P.C. | F&M National |
M&M Investments (Taylor Rental Center) | September 2, 1981 | $167,000 | Kelly, Louk, Lawson & Shumate | First American |
Your Extra Storage (Sterling) | September 1, 1981 | $97,500 | Kelly, Louk, Lawson & Shumate | Peoples National |
Robertson's Building No. Two Partnership (Falls Church) | May 15, 1981 | $900,000 | Hunton & Williams | Northern Virginia |
International Autopen (U.S. Steel Industrial Park) | May 4, 1981 | $225,000 | Hunton & Williams | Savings Bank of Balt |
BHM&G Investments (Frank Boggess) | March 24, 1981 | $820,000 | Hunton & Williams | Dominion National |
Systematics General (Sterling) | November 30, 1980 | $3,500,000 | Hunton & Williams | Riggs National |
3-H Land Partnership (J.T. Hirst & Company -Leesburg) | November 24, 1980 | $1,120,000 | McGuire Woods | F&M National |
Alban Tractor Company (REINSTATED) | October 20, 1980 | $1,000,000 / $3,000,000 | Hunton & Williams | 1st National of MD |
Loudoun Memorial Hospital (Leesburg) | February 19, 1980 | $7,250,000 | Hunton & Williams | First American |
Dowty Rotol, Inc. (Sterling) | February 18, 1980 | $5,000,000 | McGuire Woods | European American |
Insulated Building (Sterling) | October 3, 1979 | $445,000 | Lane & Edison | United Virginia |
Radiation Systems, Inc. (Sterling) | May 11, 1979 | $2,800,000 | McGuire Woods | National Bank of MD |
Metro Printing (Sterling) | May 7, 1979 | $950,000 | Covington & Burring | F&M National |
Vocational Industrial Clubs of America, Inc. (Lucketts) | December 7, 1978 | $1,700,000 | Lane & Edison | United Virginia |
Hazelton Labs (Sterling - AUTHORIZED FOR PRE-PAYMENT 2/25/86) | September 1, 1978 | $1,000,000 | McGuire Woods | F&M National |
The Shade Shop (Sterling) | December 1, 1977 | $450,000 | Wilkie Farr & Gallagher | Bank of MD |
Dowty Rotol, Inc. (Sterling) | February 1, 1976 | $2,000,000 | Hunton & Williams | Home Life Insurance |