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From YouTube: Arlington County Board Special Meeting - April 12, 2022
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B
Medical
circumstances
take
care
of
yourselves.
This
is
no
fun
to
have,
even
if
you
are
fully
boosted.
Thank
you,
madam
chair.
A
Mr
kranti,
thank
you.
Thanks
for
making
the
time
to
join
us,
we
are
wishing
you
a
quick
recovery
and
at
least
a
couple
minutes
to
rest
today.
Thank
you.
We
are
also
waiting
for
mr
dorsey
to
join
us
either
remotely
or
in
person
at
this
point,
but
we're
gonna
go
ahead
and
get
started
since
we
do
have
quorum
all
right.
We
have
one
item
to
consider.
It
is
time
sensitive
enough
that
we
have
convened
here
on
a
special
meeting
basis.
C
Yes,
it's
item
one
a
through
c.
These
are
three
amendments
ground
lease
amendments
related
to
courthouse,
plaza
for
properties
at
2100,
2200,
2150
and
2300
clarendon
boulevard.
A
D
E
The
county
ground
leases,
three
parcels
in
courthouse
plaza
to
jbg,
and
the
ground
leases
call
for
the
county
to
receive
a
portion
of
the
net
proceeds.
The
first
time
the
ground
leases
are
sold.
E
Jbg
has
a
transaction
lined
up
to
sell
to
a
joint
venture
with
itself
and
a
fortress
investment
group,
but
there's
a
little
bit
of
a
snag.
One
of
jbg's
lenders
needs
some
extra
rights.
The
ground
leases
permit
traditional
leasehold
mortgages
to
demand
a
new
lease.
If
the
lease
terminates
by
reason
of
the
tenant's
default
or
in
bankruptcy,
those
rights
are
not
extended
to
mezzanine
lenders
which
take
a
security
interest,
not
in
the
lease
but
in
the
tenant
entity
itself.
E
So
these
amendments
grant
mezzanine
lenders
the
right
to
demand
a
new
lease
if
the
lease
terminates
early,
just
as
a
as
a
leasehold
mortgagee
would
be
able
to.
There
are
also
some
cleanup
items
in
here
that
are
to
the
county's
benefit.
A
Thank
you
very
much.
Does
that
conclude
the
presentation
all
right,
thank
you,
and
so
I
assume
it
is
a
recommendation
of
the
manager,
then
that
we
proceed.
I
don't
believe
we
have
any
public
speakers.
Can
I
confirm
that
we
do
fantastic.
Thank
you,
madam
clerk.
So
the
discussion
is
now
with
the
board.
Colleagues.
Are
there
any
discussion
or
questions?
Mr.
F
Carantonis
yeah
for
the
purpose
of
discussion
and
you
know
forever
for
any
purchase.
I
will
I
will.
I
would
like
to
move
the
the
margins
recommendations
which
is
to
approve
each
of
the
following
documents:
number
eight
first,
first
amendment
to
amend
their
restated
ground
lease
lot,
one
between
the
county
board
of
arlington
county
virginia
as
landlord
and
jbgs
courthouse,
one
llc
as
tenant
for
real
property
located
at
2100,
20,
200,
clarendon,
boulevard,
arlington
virginia,
that's
rpc
number
18-004-067.
F
That's
part
one
to
approve
these
three
aforementioned
amendments
and
number
two
is
to
authorize
the
real
estate
bureau
chief
department
of
environmental
services
or
his
designee
to
sign
each
of
the
above
described
documents
and
any
related
documents
on
behalf
of
the
arden
county
board,
subject
to
approval
as
a
form
of
such
documents
by
the
county
attorney
and
my
and
you
know
the
only
the
addition
to
my
to
my
second
yeah.
F
This
is
a
very
beneficial
deal
for
us,
bringing
an
extra
10
to
12
million
dollars,
as
we
just
heard
here.
I
think
this
is
a
very
fortunate
turn
of
events
for
the
landless
regime
we
have
for
this
building
and
the
atas
and
properties,
and
I
think
this
is
definitely
in
the
interest
of
the
taxpayer
of
arlington
and
the
farrington
county
person.
A
G
Yeah,
so
as
I
understand
it,
I
just
want
to
want
to
check
that
these
are
giving
rights
to
mezzanine
lenders,
which
I
don't
know
what
that
means,
but
there's
some
kind
of
lenders
just
to
make
them
have
the
same
rights
as
usual
lenders.
Do
it's
not
something.
Over
and
above
it's
just
regular
lending
rights
right,
correct.
E
Well,
I
mean
that
that's
close
enough.
I
mean
basically
so
mezzanine
lenders
take
a
security
interest
in
the
shares
of
the
tenant
standard.
Leasehold
mortgagee
would
take
a
security
interest
in
the
lease
and
would
be
able
to
foreclose
on
the
lease
so
we're
putting
a
mes
the
mezzanine
lender
in
the
same
position
as
the
leasehold
mortgage
with
respect
to
getting
a
new
lease.
If
the
existing
lease
terminates.
G
E
The
county
will
get
10
to
12
million
dollars
with
no
detriment
it.
It's
very
unlikely
that
the
county
would
ever
have
to
give
a
new
lease
to
either
of
the
lenders.
That
would
only
happen
if
the
existing
tenant
defaulted
or
declared
bankruptcy,
and
none
of
the
lenders
stepped
in
to
cure
the
default,
and
if
that
happened,
then
the
lenders
might
come
along
and
say
I
want
to
be
in
the
same
position
I
would
have
occupied.
Had
I
foreclosed.
E
Would
you
please
give
me
a
new
lease
on
the
same
terms,
and
we
would
have
to
do
that.
So
we
would
simply
return
to
the
position
that
we
occupied
before
the
before
the
default
before
the
termination,
so
no
real
detriment
to
the
county.
So
we're
we're
expanding
the
lender's
rights
at
no
real
cost
to
us.
G
A
Thank
you
so
much
do
we
have
a
timeline
for
when
the
the
tenant
is
likely
to
consummate
the
transaction.
E
The
closing
is
scheduled
for
maybe
tomorrow
the
the
jbg
has
asked
us
to
tell
them
as
soon
as
possible
after
the
board
makes
its
decision
today.
And
if
the
answer
is
yes
to
send
over
the
documents
they
want
to
close
right
away,
they
are
obligated
to
pay
the
10
to
12
million
dollars
within
30
days
after
the
closing.
A
D
We
may
not
know
the
exact
dollar
amount
until
30
days
from
now,
but
we
will
absolutely
have
the
money
in
hand
as
one-time
funds
this
fiscal
year
and
it's
I
don't
want
to
say,
found
money.
But
yet
no,
it's
found
money.
It's
new
money
with
no
with
no
made
no
recommendations
as
to
how
it
should
be
spent.
A
And
so
you're
mentioning,
we
may
not
know
the
exact
amount.
Will
we
get
narrower
than
10
to
12
million
dollars
after
the
closing
or
we.
E
Okay,
the
reason
for
the
uncertainty
is
that
our
share
of
the
proceeds
is
based
on
net
proceeds.
The
jbg
can
subtract
its
costs
of
sale,
its
brokerage
commission,
its
attorney's
fees.
You
know
other
transactional
fees,
even
they
don't
know
that
amount
right
now
they
have
to
add
it
all
up.
So
that's
why
there's
the
uncertainty,
but
everyone
knows
it's
not
going
to
be
a
billion
dollars,
it'll
be
within
a
certain
range
and
that's
why
they're
able
to
tell
us
10
to
12
million
and
won't
be
very
different
from
that?
Okay,.
A
Thank
you
so
much.
This
certainly
seems
like
the
fruits
of
a
well-negotiated
set
of
ground
lease
terms
when
that
work
was
done.
So
I
am
happy
to
support
it.
Are
there
any
comments
or
questions
from
our
colleagues
on
the
phone?
Mr
dorsey,
mr
deferenti,.
B
I
I
don't
want
to
look
for
trouble,
but
I
do
similar
to
libby's
question.
Miss
garvey's
question
is
this:
is
this
is
within
jbg's
entities?
Why
would
they
want
to
do
this?
We
just
drafted
a
extraordinarily
clairvoyant
and
forward-looking
contract.
That
was
very
good.
I
don't
know
if
there's
a
either
if
staff
in
any
level
can
kind
of
describe.
Why
they're
is
this
writing
down
an
obligation
that
they
would
face
over
the
coming
years,
and
they
want
to
do
it
now
rather
than
later.
B
E
They
told
us
at
the
time
that
we
that
we
negotiated
the
groundless
restructuring,
that
they
were
interested
in
getting
out
of
the
ground
leases
and
refocusing
their
efforts
on
crystal
city,
and
so
this
sale
is
consistent
with
what
they
said
they
wanted
to
do.
We
don't
really
know
if
that's
the
true
reason
for
you
know:
they're
they're
telling
the
ground
lease
the
ground
leases,
but
you
know
they've
been
consistent,
all
along
that
they
wanted
to
do
it.
A
Thank
you
so
much
okay.
I
believe
that
does
it
for
our
questions
and
mr
grandparents
did
you
have
anything
else?
No,
okay,
great!
Without
further
discussion.
We
are
ready
for
a
vote.
Let
me
do
just
a
voice
vote
in
the
room
and
then
we'll
do
a
quick
roll
call
for
our
two
colleagues
on
the
phone
in
the
room,
all
those
in
favor,
please
say:
aye
aye
any
opposed.
Okay,
mr
different,
how
do
you
vote.
B
A
Mr
dorsey,
your
vote,
hi
terrific,
thank
you
so
much
that
carries
unanimously.
Thank
you
to
staff
very
much
as
well
as
my
colleagues
for
gathering
on
short
notice.
We
are
very
pleased
that
the
item
will
pass
and
for
those
keeping
track
at
home.
We
will
be
discussing
the
potential
proceeds
of
this
or
the
likely
proceeds
of
this
transaction
as
part
of
our
budget
allocations.
We
meet
next
for
budget
markup
next
thursday,
all
right
without
further
conversation.
We
are
adjourned.
Thank
you
all
so
much.