bonds

Morning Notes

By ARLnow.com

New Long-Haul Service at DCA — JetBlue, Southwest, Virgin America and Alaska Airlines are adding new long haul service from Reagan National Airport to four cities, respectively: San Juan, Puerto Rico; Austin, Texas; San Francisco; and Porland, Ore. [CBS News]

Meeting Tonight About Ballston Park — Planners from the county parks department will be meeting with residents tonight to discuss options for the small triangular piece of land next to the Ballston public parking garage at the corner of N. Glebe Road and N. Randolph Street. At one point a mini golf course was proposed for the tiny park. [Arlington Mercury]

Bond Sale Expected Next Month — Arlington County is expected to issue up to $110 million in new bonds next month. The bonds will help pay for school projects, parks and recreation projects, and Metro improvements. [Sun Gazette]

Recap: Entrepreneurship Event at Artisphere — An tech-oriented entrepreneurship event at Artisphere over the weekend is being called a success after attracting more than 400 attendees for panel discussions and networking. [Bisnow]

Young Dems Date Auction Tonight — The annual Arlington Young Democrats date auction kicks off at 7:00 tonight at Clarendon Grill (1101 N. Highland Street). Disclosure: AYD is a current ARLnow.com advertiser.

Morning Notes

By ARLnow.com

Snowy Evening Commute Expected — Forecasters warn that light-to-moderate snowfall may make for a slick evening commute tonight. Still, above-freezing temperatures will mean that we in Arlington will likely see less than an inch of accumulation. [Capital Weather Gang]

County Saves Money Through Bond Issue — Arlington County has taken advantage of very low interest rates, along with its triple-AAA bond rating, to issue $106 million of refunding bonds. The move will save the county more than $9 million over the life of the bonds, officials say. [Arlington County]

Spring Soccer Registration Open — Registration is now open for youth soccer players in Arlington. Arlington Soccer Association’s spring registration started on Jan. 25 and will close on March 13. A late registration fee will be assessed after March 13. [Arlington Soccer Association]

Moran Criticized for TV Appearance — Rep. Jim Moran (D-Va.) is facing criticism from Republicans for comments he made on MSNBC last week. Moran said that Rep. Allen West (R-Fla.), who is black, “is not representative of the African American community.” Conservative commentator Michelle Malkin called that remark and others by Moran during the course of the MSNBC interview “racist.” [Human Events, Breitbart.tv]

Morning Notes

By ARLnow.com

County Expects Fewer Housing Dollars from Feds — Federal spending cuts and a reduction in poverty in Arlington have combined to result in a relatively steep drop in federal housing dollars for Arlington County. The county expects to receive $1.16 million in federal housing dollars in fiscal year 2013 — a nearly $400,000 drop compared to the prior year. [Sun Gazette]

‘Tebow Bill’ Advances in General Assembly — A bill that would allow home-schooled students in Virginia to play for public school sports teams has cleared a key legislative hurdle, reports the Associated Press. The bill’s nickname — the Tebow Bill — references NFL quarterback Tim Tebow, who was home schooled but permitted to play on a public high school football team. [My Fox DC]

Fitch Affirms Arlington’s ‘AAA’ Rating — Bond rating agency Fitch has affirmed Arlington’s AAA debt rating in advance of an upcoming bond offering. Fitch praised Arlington’s “outstanding fiscal performance” and “exceptionally vibrant employment base” in a press release. “Conservative budgeting, timely tax and fee increases, and closely monitored expenditure controls consistently produce surplus operating results leading to solid reserve levels and liquidity,” the firm wrote. [Business Wire]

Prostitute Sexually Assaulted in Ballston — A prostitute was sexually assaulted at the Comfort Inn hotel on N. Glebe Road in Ballston on Wednesday, according to the Arlington County Police Department’s daily crime report. The woman did, however, manage to call her “bodyguard” during the attack. The bodyguard reportedly got in a scuffle with the woman’s attacker before the attacker fled the scene. [Patch]

County Says Finances Strong, Despite Negative Outlook

By ARLnow.com

Arlington County says its finances are strong, despite a decision by Moody’s Investors Service to continue assigning a “negative” outlook to the county’s debt.

Arlington maintained its prime Aaa investment rating from Moody’s, but the firm argued that the county’s close connection with the federal government makes the future of its finances a bit uncertain.

“Today’s actions are based on an expanded evaluation of the exposure each municipality has to the U.S. government, including economic sensitivity to federal spending reductions, dependence on federal transfers and exposure to capital markets disruptions,” Moody’s Managing Director Naomi Richman said in a press release. “Issuers with outlooks that remain negative are viewed as having greater exposure to potential cuts in federal employment and federal spending.”

Arlington isn’t the only Northern Virginia locale to receive a negative outlook. Alexandria, as well as Fairfax, Prince William and Loudoun counties, have all been given negative outlooks due to the area’s “linkage with the U.S. government.”

“Arlington remains in a strong financial and economic position,” County Board Vice Chair Mary Hynes said in a statement, in response to the Moody’s decision. “During the bottom of the economic downturn, the County demonstrated its resilience and diversity. Our key economic indicators outperformed most in the region and the nation. Most recently, despite the threat of federal government budget reductions, private sector investment in the County has increased and housing values have remained stable.”

Hynes noted that the county maintains a sizable reserve fund as part of its budget.

“Even in the most difficult times, Arlington has remained committed to funding our reserves, including action this month to increase the County’s operating reserve to 5 percent of our budget,” she said.

The county is expected to brush up against one of its self-imposed debt limits in financial year 2013. Still, officials say they’re following the bond market closely.

“The County is not currently in the market with any bond issues and has no plans to go to market until mid-2012,” Arlington said in a press release. “The County last sold bonds in June 2011, with very favorable interest rates and market reception.  Any downgrade of the County’s credit rating could result in higher interest rates on future bond issues. The County and its financial advisors are monitoring the situation and market reaction closely.”

Construction Expected Soon on New Clarendon Park

By ARLnow.com

(Updated at 2:50 p.m.) What is now a muddy, run-down dog park in Clarendon will soon be transformed into an attractive, modern park serving both people and pets.

James Hunter Park (the new name for the previously unnamed “Community Canine Area” at N. Herndon and 13th Street) will feature picnic and seating areas, a demonstration garden, water feature, comfort station, kiosk, decomposed granite dog play area, grass lawn, public art and permeable paved walkways. Trees will line the park, which is located about two blocks northwest of the Clarendon Metro station.

Today, the park features a picnic bench and a couple of old plastic lawn chairs amid an open grass-and-dirt field.

Construction on the park is expected to begin in late fall/early winter and wrap up during the summer of 2012, according to project manager Scott McPartlin. That’s a couple of months behind a preliminary schedule announced last fall.

The project’s $1.85 million cost will be paid primarily with funds from a park bond approved by voters last year.

Fitch Affirms Arlington’s ‘AAA’ Bond Rating

By ARLnow.com

Update at 4:25 p.m. — Correction to previous update: Arlington officials say that Standard & Poor’s has also assigned it a ‘AAA’ rating.

With the sale of more than $200 million in bonds coming up, Arlington got some good news yesterday from one of the bond rating agencies.

Fitch Ratings affirmed Arlington’s ‘AAA’ rating and said that its rating outlook is ‘stable.’

“Arlington County’s outstanding financial management, highlighted by conservative budgeting, timely tax and fee increases, and closely monitored expenditure controls, consistently produces surplus operating results leading to solid reserve levels and liquidity,” Fitch said in a statement. “The significant presence of the federal government serves to insulate the region from economic downturns and attracts high-wage employment opportunities from information technology, aerospace, defense, and consulting contractors. Economic characteristics remain exceptionally strong underscored by very low unemployment, superior wealth levels, and one of the most highly educated labor forces in the nation.”

Arlington receives new bond ratings before every bond sale — typically once per year. Officials expects to receive ratings from the two other rating agencies soon, according to county spokeswoman Diana Sun.

Morning Notes

By ARLnow.com

Westover Decision Delayed Until Tuesday — The County Board voted on Saturday to delay a decision on live entertainment for the Westover Market’s beer garden until Tuesday, giving county staff three days to come up with permit conditions that would be more acceptable to concerned neighbors. [Sun Gazette]

Arlington Police Seek Tips in 1997 Cold Case — ACPD’s cold case unit is asking for the public’s help in solving the case of 17-year-old Vu Huynh, who was murdered outside Hi-Cue Billiards on Columbia Pike in March 1997. [Washington Examiner]

Arlington to Issue Bonds — The County Board has approved the sale of up to $207 million in bonds, to fund projects like the Arlington Mill Community Center, Long Bridge Park, the new Yorktown and Wakefield high schools and the Water Pollution Control Plant. The bonds will go on sale next month, and will be available to individual investors. [Arlington County]

Flickr pool photo by Mark C. White

Board to Consider Awarding $3 Million in Neighborhood Funds

By ARLnow.com

On Saturday, Arlington County board members will debate where to award some $3 million worth of Neighborhood Conservation funds.

The funds are intended to pay for basic street and park improvement projects, which are proposed by neighborhood groups. This year, most of the money is coming from a $9 million Neighborhood Conservation bond, approved by Arlington voters in November.

In December, the county’s Neighborhood Conservation Advisory Committee (NCAC) recommended seven projects for the first round of funding under the new bond, out of 33 proposals. The recommended neighborhood projects are listed below.

  • Rock Spring — $12,500 — Neighborhood sign design, fabrication, installation
  • Rock Spring — $732,245 — Beautification, pedestrian safety and street lighting improvements on Williamsburg Blvd from George Mason Drive to N. Kensington Street
  • Arlington Heights — $381,478 — Beautification, pedestrian safety and street lighting plus sidewalk, curb and gutter improvements on Arlington Blvd from S. Fillmore Street to S. Irving Street (Phase 2)
  • Douglas Park — $495,000 — Park improvements, lighting and trail upgrades to Doctor’s Run Park
  • Ballston/Virginia Square — $719,956 — Sidewalk, curb, gutter, beautification and pedestrian safety improvements on Kirkwood Road from Lee Highway to 14th Street N.
  • Dominion Hills — $269,678 — Beautification, pedestrian safety, sidewalk, curb and gutter improvements on Patrick Henry rive from 9th Street N. to Wilson Blvd (Phase 3)
  • Columbia Heights — $391,703 — Sidewalk, curb, gutter and street lighting improvements on 11th Street S. from S. Edgewood Street to S. Cleveland Street

There are two rounds of Neighborhood Conservation funding each year. In October, the NCAC and the county board agreed to spend $3.87 million on ten separate projects throughout the county.

Morning Notes

By ARLnow.com

Clarendon Office Building Sells for D.C. Prices — The 200,000 square foot office building at 3101 Wilson Boulevard, located across the street from the Clarendon Metro station, has sold for a whopping $112.6 million.”Pricing was on par with building trades in Downtown DC,” reports GlobeSt.com. The building is home to a TD Bank and Georgetown’s continuing studies programs. [GlobeSt.com]

County Issues Bonds for Projects — Arlington County has sold $11.9 million in bonds at a relatively low 4.18 percent interest rate. The bonds will fund the last phase of Fire Station 3 in Cherrydale, a new park in Buckingham Village and initial construction of the Arlington Mill Community Center. Although a direct comparison is difficult, in July Arlington sold $73 million in bonds at an interest rate of 2.70 percent. [Arlington County]

Midsummer’s Night Dream Starts in Crystal City Next Week — It may be mid-winter, but Synetic Theater’s word-less production of A Midsummer’s Night Dream will start on Tuesday in Crystal City. [Shirlington Village Blog]

Flickr pool photo by Kevin H

Board Approves Bond Issue for Construction Projects

By ARLnow.com

Three separate county construction projects will be combined into one bond issue to save money on financing costs.

On Saturday the board unanimously approved up to $15 million in bonds to fund the last phases of the Cherrydale Fire Station 3 project ($7.5 million), the initial construction of the Arlington Mill Community Center ($5 million), and the construction of a new park at the Buckingham Village 1 apartment complex ($850,000).

The projects were previously approved as part of the county’s Capital Improvement Programs.

“Arlington is fortunate to be able to continue its investment in critical facilities and infrastructure, even during hard economic times,” Board Chairman Jay Fisette said in a statement. “Our sound financial practices and balanced smart growth approach are allowing us to follow through on long-standing commitments to our community.”

The new Cherrydale fire station is expected to open in summer 2011. The $7.5 million needed to fund the final construction phases is $5.5 million less than originally anticipated. Construction bids for the project were well below estimates, county officials said.

Morning Notes

By ARLnow.com

Arlington’s Creeping Debt — Arlington is now one of just eight localities in Virginia with more than $1 billion in municipal debt. Arlington is on the high end of debt on a per-capita basis, at $5,240, but a number of Virginia cities including Richmond and Falls Church have higher levels. By comparison, however, Alexandria has only $3,269 in debt per capita. More from the Sun Gazette.

Rosslyn Commons Groundbreaking Scheduled — Developer JBG is planning a groundbreaking for its Rosslyn Commons residential complex, to be held at some point in January. The Rosslyn Commons project consists of two towers with a total of 474 housing units, including 55 affordable units. More from TBD.

Seven Corners Shell Station Robbed — The Shell gas station at 6623 Wilson Boulevard in Falls Church was robbed at gunpoint Monday night. The robbery was caught on surveillance video, but the suspect kept his face concealed the whole time. More from the Falls Church News-Press.

Changes to Metrobus Routes — WMATA is adding service on two Arlington Metrobus routes.  The 7Y route, an extension of the 7E, will travel from the Pentagon to the Federal Triangle Metro station, via Memorial Bridge. The 16F route will travel down Columbia Pike to the Pentagon, ending up at Federal Triangle station via the 14th Street Bridge. More from Metro.

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