(a) Creation of Authority. The Dulles Town Center Community Development Authority (hereinafter the “Authority”) is hereby created in accordance with the applicable provisions of Sections 15.2-5100 et seq. of the Code of Virginia (1950), as amended. The Authority is and shall be a body corporate and politic.
(b) Boundaries of District. The properties identified by boundary in Exhibit I, attached to Ordinance 98-02, passed April 1, 1998, entitled Dulles Town Center Community Development Authority Assessment District, are hereby included in and designated as the Dulles Town Center Community Development Authority Assessment District (hereinafter the “District”).
(c) Facilities and Services. The Authority is created solely for the purpose of financing and constructing, and maintaining if necessary, certain public improvements to be dedicated for public use. The Authority is authorized to finance and construct, and maintain if necessary, the public roads (including bridges, curbs, gutters, sidewalks, and traffic signals), public water and sewer lines and facilities, public storm drainage and stormwater management facilities, and public utilities more particularly described in Exhibit 2, attached to Ordinance 98-02, passed April 1, 1998.
(d) Benefits. The provision of such public facilities and services within the District is expected to foster and promote economic development in the District and within the County of Loudoun, Virginia (hereinafter the “County”), which is likely to increase property values and business opportunities for property owners in the District and result in an increase in tax and other revenues to the County. The proposed transportation improvements would substantially improve traffic movement through the District.
(e) Powers and Membership of the Authority.
(1) The powers of the Authority shall be as provided in Sections 15.2-5110 et seq. and 15.2-5158 of the Code of Virginia (1950), as amended. The powers of the Authority shall be exercised by five members.
(2) All members shall be appointed by the Board of Supervisors of Loudoun County, Virginia (hereinafter the “Board of Supervisors”), in accordance with the requirements of Sections 15.2-5113 and 15.2-5154 of the Code of Virginia of 1950, as those provisions may be recodified or amended. The Board of Supervisors may require that any or all members of the Authority shall be residents of the Commonwealth of Virginia. To the extent required by law, a majority of the members shall be landowners within the District, or their designees or nominees.
(3) The initial members of the Authority and their respective terms are established in the Articles of Incorporation attached to Ordinance 98-02, passed April 1, 1998, as Exhibit 3, and approved with this section.
(4) The successor of each member shall be appointed by the Board of Supervisors for a term of four years and until his or her successor shall be duly appointed and qualify, except that any person appointed to fill a vacancy shall serve only for the unexpired term. Any member shall be eligible for reappointment.
(5) Each member of the Authority shall receive such compensation for his or her services as a member as may be provided from time to time by resolution duly adopted by the Board of Supervisors. Each member shall be reimbursed the amount of his or her actual expenses necessarily incurred in the performance of his or her duties.
(f) Special Assessment. Pursuant to an agreement with the landowner who is the owner of all land within the District, special assessments for public improvements are hereby established and apportioned in accordance with Exhibit 4, “Rate and Method of Apportionment of Assessments,” attached to original Ordinance 97-13, passed November 5, 1997. The special assessments shall be recorded in connection with the issuance of bonds by the Authority for the purposes of this section. The special assessments shall be liens on the real property in the district in accordance with the provisions of Va. Code § 15.2-2404 et seq. The special assessment payments shall be collected within the District at the same time as the County's general real property tax is collected and all rules and regulations of the County regarding the levy and collection of taxes shall apply to such special assessment. The Treasurer is directed to segregate the proceeds of the special assessment collected in the District on books and records of the County so as to ensure that the proceeds are expended solely within the District for the purposes authorized by this section and applicable statutes. The Authority shall reimburse the County annually for its administrative costs of the collection and payment of the assessments.
(g) Conditions of Authority Financing. The Authority shall not issue bonds and utilize bonds nor create a special assessment until the petitioner has established to the satisfaction of the Board of Supervisors that the following have occurred:
(1) Reciprocal easement agreements with the anchor tenants (department stores) to be located at the enclosed shopping mall, and supplemental agreements with the anchor tenants, if any, are signed and in place; and
(2) A financial institution has issued a commitment letter for the construction of the enclosed shopping mall; and
(3) An agreement has been executed with a contractor for the construction of the enclosed shopping mall.
(Note: By resolution adopted on February 18, 1998, the Board of Supervisors found that the conditions of financing as set forth in this subsection (g) have been satisfied.)
(h) Plan of Finance. The Authority improvements are proposed to be funded through bonds issued on behalf of the Authority and supported by the special assessments provided in subsection (f) hereof and Exhibit 4, attached to original Ordinance 97-13, passed November 5, 1997. Any bonds issued by the Authority shall be a debt of the Authority and not the County. The County shall not retire any part of the bonds or pay any debt service of the Authority out of revenues or funds derived from sources other than the special tax or special assessment authorized in § 15.2-5158 of the Code of Virginia.
(i) Consent of the Board of Supervisors. The Authority may not issue bonds or debt, enter into arrangements or agreements for legal and financial services or agree to any reimbursement within the consent of the Board of Supervisors.
(j) Expansion and Dissolution of the District. The County may expand or dissolve the boundaries of the District upon giving notice as required by the Code of Virginia.
(k) Articles of Incorporation. The Articles of Incorporation for the Authority, attached to Ordinance 98-02, passed April 1, 1998, as Exhibit 3, are hereby approved and shall be filed with the State Corporation Commission by the Authority.
(l) Meetings. All meetings of the Authority shall be conducted in Loudoun County, Virginia. The Authority shall provide written notice of any meeting to the Chief Administrative Officer of the County, or his or her designee, at least seven days prior to any meeting.
(m) Statutory References. All references to the Code of Virginia in this section include amendments and recodification of provisions applicable to the Authority.
(n) Exhibits. The following are included as Exhibits to this section:
Exhibit 1. Dulles Town Center Community Development Authority Assessment District Boundaries revised through February 27, 1998;
Exhibit 2. Authority Improvements;
Exhibit 3. Articles of Incorporation, including the district boundaries revised through February 27, 1998; and
Exhibit 4. Rate and Method of Apportionment (Revised).
Each is hereby adopted as part of this section, by reference.
(Ord. 98-02. Passed 4-1-98.)