MURIEL BOWSER
MAYOR
March 1
9, 2025
The Honorable Phil Mendelson
Chairman
Council of the District of Columbia
John A. Wilson Building
1350 Pennsylvania Avenue, NW, Suite 504
Washington, DC 20001
Dear Chairman Mendelson:
Enclosed for consideration and adoption by the Council of the District of Columbia is a proposed
resolution titled “Georgetown University Revenue Bonds Project Emergency Approval
Resolution of 2025”, and the accompanying emergency declaration resolution.
The resolution authorizes the issuance, sale,
and delivery of tax-exempt revenue bonds, notes, or
other obligations in aggregate principal amount not to exceed $675,000,000. The bonds will be
used for the financing, refinancing, or reimbursing of costs associated with an authorized project
of the Borrower’s properties located at 3700 O Street, N.W., in Ward 2, and 111 Massachusetts
Avenue, N.W., 120 F Street, N.W.,
and 600 New Jersey Avenue, N.W. in Ward 6.
In
accordance with section 490 of the Home Rule Act, it has been determined that the bonds,
when, as, and if issued, shall be without recourse to the District. The bonds
shall not be general
obligations of the District; shall not be a pledge of or involve the full faith and credit or the
taxing power of the
District; shall not constitute a debt of the District; and shall not constitute a
lending of public credit for a private undertaking
as prohibited in section 602(a)(2) of the Home
Rule Act. The bonds shall not give rise to any pecuniary liability of the District, and the District
shall have no obligation with respect to the purchase of the bonds.
I urge the Council to take prompt and favorable action on the enclosed measure.
Sincerely,
Muriel E. Bowser
Enclosures 1
2
3
4
5
6
7 A PROPOSED RESOLUTION
8
9
10
~~
~PhilMendelson
at the request of the Mayor
11 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
12
13
14
15 To declare the existence of an emergency with respect to authorizing and providing for the issuance,
16 sale, and delivery in an aggregate principal amount not to exceed $675 million of District of
17 Columbia revenue bonds in one or more series, and to authorize and provide for the loan
18 of the proceeds of such bonds to assist Georgetown University in the financing,
19 refinancing, or reimbursing of costs associated with an authorized project pursuant to
20 section 490
of the District of Columbia Home Rule Act.
21
22 RESOLVED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, that this
23 resolution may be cited as the "Georgetown University Revenue Bonds Project Emergency
24 Declaration Resolution
of 2025 ".
25 Sec. 2. (a) Georgetown University (the "Borrower"), is a nonprofit corporation organized
26 under an Act
of Congress and existing under the laws of the District of Columbia which seeks to
27 have District of Columbia revenue bonds issued and receive a loan of the proceeds thereof (the
28 "Loan") for:
29 (1) Refunding
all or a pmiion of the outstanding District of Columbia University
30 Revenue Bonds (Georgetown University Issue) Series 2010, originally issued in the principal
31 amount of $45,000,000 pursuant to the provisions of the Georgetown University Revenue Bonds
32 Project Approval Resolution
of 2010, effective November 9, 2010 (Res. 18-0660; 57 DCR 10701),
33 the proceeds of which were used to finance, refinance, or reimburse the Borrower for all or a portion
34
of the costs to:
2
(A) Construct, equip and furnish a new science center (the “Science 35
Center”) to be located on the Borrower’s main campus at 37th and O Streets, N.W., Washington, 36
D.C. 20057 (Square 1321, Lot 0827) (the “Main Campus”), consisting of approximately 37
163,000 square feet above-grade, and associated infrastructure, including, but not limited to, 38
utilities relocation and realignment of roads in close proximity to the Science Center; 39
(B) Generally renovate and modernize the Borrower’s facilities at the 40
Main Campus, including Square 1321, Lots 0811, 0815, 0821 and 0827, at the Borrower’s law 41
center located at 600 New Jersey Avenue, N.W. Washington, D.C. (Square 0567, Lots 0062 and 42
0832) (the “Law Center”), and at certain existing Borrower-owned facilities, including student-43
occupied townhouses and residence halls, located adjacent to the Main Campus (Square 1222, 44
Lots 0062, 0801 and 0802; Square 1223, Lots 0065- 0067, 0072- 0074, 0085, 0086, 0800, 0801, 45
0807, 0808, 0810, 0812, 0815, 0826, 0827, 0834, 0840, 0841, 0846, 0847, 0852 and 0853; 46
Square 1226, Lots 0094- 0101, 0105- 0107, 0804, 0806 and 0811- 0814; Square 1247, Lots 0116 47
and 0126; and Square 1248, Lots 0126- 0139, 0145, 0146, 0150- 0157, 0159- 0162, 0800- 0802, 48
0805, 0806, 0819, 0829-0831, 0834, 0835 and 0837), and at certain other Borrower facilities 49
used in connection with the Law Center (Square 0565, Lot 0020; and Square 0569, Lots 0007, 50
0008, 0060- 0067, 0864 and 0865), including, but not be limited to, such items as: renovation or 51
replacement of mechanical, electrical and utility systems, as well as of structural elements such 52
as roofs, walls and windows; restoration of sidewalks and roads; and associated site work; 53
(C) Upgrade technology infrastructure and systems throughout the 54
Borrower’s facilities referred to in subparagraphs (A) and (B); 55
(D) Provide working capital; and 56
(E) Fund Issuance Costs; and 57
3
(2) Refunding all or a portion of the outstanding District of Columbia University 58
Refunding Revenue Bonds ( Georgetown University Issue) Series 2017, originally issued in the 59
principal amount of $301,575,000 pursuant to the provisions of the Georgetown University 60
Revenue Bonds Approval Resolution of 2016 , effective October 11, 2016 (Res. 21-0604; 63 DCR 61
12965) , the proceeds of which were used to finance, refinance, or reimburse the Borrower f or all or 62
a portion of the costs of: 63
(A) Refunding of the District’s outstanding District of Columbia University 64
Revenue Bonds (Georgetown University Issue) Series 2001B, Series 2001C and Series 2001D; the 65
proceeds of which were used to finance, refinance or reimburse all or a portion of the Borrower’s 66
costs of : 67
(i) The acquisition, construction, installation, furnishing and 68
equipping of the Performing Arts Center and portions of the Southwest Quadrangle Complex, 69
including residence hall, dining and parking facilities, and associated site work and utilities costs, 70
on the Borrower’s Main Campus ; 71
(ii) The acquisition, construction, installation, furnishing and 72
equipping of a new academic building, a new wellness center, and a new contiguous 73
underground parking garage, located at 550 First St., N.W. (Square 0569, Lot 0864) (the “First 74
Street Facilities”); 75
(iii) The renovations of and improvements to a variety of facilities 76
on the Main Campus, including libraries, administrative space, and the Leavey University Center 77
(the “Leavey Center”), and certain facilities located adjacent to the Main Campus, including 78
student-occupied townhouses and residence halls and other uses directly related to the 79
Borrower’s activities; 80
4
(iv) The acquisition, renovation, installation, furnishing and 81
equipping of a portion of the land and facilities at 2001 Wisconsin Avenue, N.W. and 3300 82
Whitehaven Street, N.W. (Lot 1024, Square 1299) (commonly known as the “Green- Harris 83
Complex”); 84
(v) The renovation of and improvements to the Borrower’s 85
Medical Center campus located at 3900 Reservoir Road, N.W. (Lot 0817, Square 1321) (the 86
“Medical Center”), including a variety of academic, administrative, and research-related 87
facilities; 88
(vi) The upgrading of technology infrastructure and systems 89
throughout the Borrower’s facilities at the locations referred to in ( i) - (vi) above; 90
(vii) General renovations and modernizations throughout the 91
Borrower’s facilities at the locations referred to in ( i) - (vi) above, including such items as 92
renovation or replacement of mechanical, electrical, and utility systems; restoration of sidewalks 93
and roads; renovation of buildings’ brick, trim, windows, floors, and roofs; overhaul of elevators; 94
renovation or replacement of emergency power systems; and associated site work; and 95
(B) The refunding of a portion of the District’s outstanding District of 96
Columbia University Revenue Bonds (Georgetown University Issue) Series 2007A, consisting of 97
Fixed Rate Bonds and Growth and Income Securities (GAINS), the proceeds of which were used 98
to finance, refinance or reimburse all or a portion of the Borrower’s costs to: 99
( i) Refund the District’s outstanding District of Columbia University 100
Revenue Bonds (Georgetown University Issue) Series 2001A Bonds, the proceeds of which were 101
used to finance: 102
5
(I) The acquisition, construction, installation, furnishing 103
and equipping of the Performing Arts Center and portions of the Southwest Quadrangle 104
Complex, including residence hall, dining and parking facilities, and associated site work and 105
utilities costs, on the Borrower’s Main Campus; 106
(II) The acquisition, construction, installation, furnishing 107
and equipping of the First Street Facilities; 108
(III) The renovations of and improvements to a variety of 109
facilities on the Main Campus, and certain facilities located adjacent to the Main Campus; 110
(IV) The acquisition, renovation, installation, furnishing 111
and equipping of a portion of the land and facilities at the Green- Harris Complex; 112
(V) The renovation of and improvements to the Borrower’s 113
Medical Center, including a variety of academic, administrative, and research-related facilities; 114
(VI) The upgrading of technology infrastructure and 115
systems throughout Borrower’s facilities at the locations referred to in (I) – (V) above; 116
(VII) The general renovations and modernizations 117
throughout Borrower’s facilities at the locations referred to in ( I) – (V) above; and 118
(ii) To finance, refinance or reimburse the Borrower for costs of: 119
(I) Equipping and furnishing a portion of the facilities at the 120
Green-Harris Complex consisting of approximately 240,475 square feet above grade and 121
appurtenant below-grade parking for approximately 419 vehicles; 122
(II) Making general renovations and modernizations 123
throughout the Borrower’s Main Campus and the Law Center and certain facilities located 124
adjacent to the Main Campus; 125
6
(III) The construction, furnishing and equipping of a 126
business school on the Borrower’s Main Campus, consisting of approximately 170,000 square 127
feet above- grade with approximately 200 below-grade parking spaces and associated 128
infrastructure, including but not limited to utilities relocated and realignment of roads in close 129
proximity to the business school ; 130
(IV) Purchasing certain related equipment and furnishings; 131
and 132
(iii) The refunding of the District’s outstanding District of 133
Columbia University Revenue Bonds (Georgetown University Issue) Series 2011, the proceeds 134
of which were used to finance, refinance or reimburse all or a portion of the Borrower’s costs to: 135
(I) Construct, equip and furnish the Science Center located 136
on the Borrower’s Main Campus, consisting of approximately 163,000 square feet above-grade, 137
and associated infrastructure, including, but not limited to, utilities relocation and realignment of 138
roads in close proximity to the Science Center; 139
(II) Generally renovate and modernize the Borrower’s 140
facilities at the Main Campus, including Square 1321, Lots 0811, 0815, 0821 and 0827, at the 141
Borrower’s Law Center, and at certain facilities, including student-occupied townhouses and 142
residence halls, located adjacent to the Main Campus (Square 1222, Lots 0062, 0801 and 0802; 143
Square 1223, Lots 0065- 0067, 0072- 0074, 0085, 0086, 0800, 0801, 0807, 0808, 0810, 0812, 144
0815, 0826, 0827, 0834, 0840, 0841, 0846, 0847, 0852 and 0853; Square 1226, Lots 0094- 0101, 145
0105-0107, 0804, 0806 and 0811- 0814; Square 1247, Lots 0116 and 0126; and Square 1248, 146
Lots 0126- 0139, 0145, 0146, 0150- 0157, 0159- 0162, 0800- 0802, 0805, 0806, 0819, 0829- 0831, 147
0834, 0835 and 0837), and at certain other Borrower facilities used in connection with the Law 148
7
Center (Square 0565, Lot 0020; and Square 0569, Lots 0007, 0008, 0060- 0067, 0864 and 0865), 149
which renovations and modernizations included, but ar e not limited to, such items as: renovation 150
or replacement of mechanical, electrical and utility systems, as well as of structural elements 151
such as roofs, walls and windows; restoration of sidewalks and roads; and associated site work; 152
and 153
(III) Upgrade technology infrastructure and systems 154
throughout the Borrower’s facilities referred to in paragraphs (I) and (II) above; 155
(iv) Fund Issuance Costs; and 156
(C) Refinancing a 2018 term loan from Truist B ank, the proceeds of which 157
were used to refinance existing indebtedness of the Borrower; 158
(D) Certain capital expenditures of the Borrower, including but not limited 159
to, the construction, renovation, equipping, and development of : 160
(i) A new academic building located at 111 Massachusetts Avenue 161
NW, Washington, D.C., 20001; 162
(ii) A research laboratory located in a building at 3950 Reservoir 163
Road NW, Washington, D.C., 20007; 164
(iii) The lawn located at 3700 O Street NW, Washington, D.C., 165
20057; and 166
(iv) A new academic building located at 120 F Street NW, 167
Washington, D.C., 20001, which will be dedicated for use by the Borrower’s Law Center; 168
(E) Certain working capital expenditures of the Borrower; 169
(F) Paying a portion of the interest on the Bonds; 170
8
(G) Paying any hedge agreement termination costs and c ertain credit 171
enhancement and liquidity costs; 172
(H) Funding a deposit to a debt service reserve fund, if any, for the Bonds; 173
and 174
(I) Funding certain Issuance Costs. 175
(b) The planned financing will make available funds critically needed to finance, 176
refinance, or reimburse the Borrower for costs of the Project. 177
(c) Due to the current economic uncertainty in the financial markets, it is important for 178
the Council to expedite the process for the issuance of the Bonds and avoid any delay that may 179
adversely affect the ability of the Borrower to market the Bonds to investors and/or to obtain an 180
interest rate within the range contemplated by the Project budget. 181
(d) Council approval of the bond resolution authorizing the issuance of up to $675 million 182
of District of Columbia revenue bonds would permit the revenue bonds to be issued promptly to 183
provide maximum savings for the Borrower and enable the project described in Section 2(a) to 184
be completed. 185
Sec. 3. The Council of the District of Columbia determines that the circumstances 186
enumerated in section 1 constitute emergency circumstances making it necessary that the 187
Georgetown University Revenue Bonds Project Emergency Approval Resolution of 2025 be 188
adopted after a single reading. 189
Sec. 4. This resolution shall take effect immediately. 190