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ENROLLED ORIGINAL
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A RESOLUTION
26-161
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
July 1, 2025
To declare the existence of an emergency with respect to the need to authorize and provide for the
issuance, sale, and delivery in an aggregate principal amount not to exceed $37.5 million of
District of Columbia revenue bonds in one or more series, and to authorize and provide for
the loan of the proceeds of such bonds to assist U.S. Black Chambers Economic
Development Corporation in the financing, refinancing, or reimbursing of costs associated
with an authorized project pursuant to section 490 of the District of Columbia Home Rule
Act.
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
resolution may be cited as the “USBC Economic Development Corporation Revenue Bonds Project
Emergency Declaration Resolution of 2025”.
Sec. 2. (a) USBC Economic Development Corporation is a nonprofit corporation
organized and existing under the laws of the District of Columbia (the “Borrower”), which seeks
to have District of Columbia revenue bonds issued and receive a loan of the proceeds from the sale
thereof for the financing, refinancing, or reimbursing of all or a portion of the Borrower’s costs of
the following project (“Project”):
(1) Acquisition of the fee simple interest of 1301 W Street, NE, Washington, DC,
and the acquisition of a leasehold interest of 1900 W Place, NE, 1235 W Street, NE, and Parcel C,
a 1.73 acre parking lot (Square 142, Lots 133, 134, 125, and 123) to be partially renovated by the
Borrower and be used by the Borrower as its headquarters facility (collectively, the “Facility”);
(2) Purchase and installation of certain equipment and furnishings for the Facility,
together with other property, real and personal, functionally related and subordinate thereto;
(3) Funding any credit enhancement costs, liquidity costs, capitalized interest or
debt service reserve fund relating to the bonds; and
(4) Paying issuance costs and other related costs to the extent permissible.
(b) The planned financing will make available funds critically needed to finance, refinance,
or reimburse the Borrower for costs of the Project.
(c) Due to the current economic uncertainty in the financial markets, it is important for the
Council to expedite the process for the issuance of the bonds and avoid any delay that may
adversely affect the ability of the Borrower to market the bonds to investors or to obtain an interest
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rate within the range contemplated by the Project budget.
(d) Council approval of the emergency bond resolution authorizing the issuance of up to
$37.5 million of District of Columbia revenue bonds would permit the revenue bonds to be issued
promptly to provide maximum savings for the Borrower and enable the Project described in
subsection (a) of this section to be completed.
Sec. 3. The Council of the District of Columbia determines that the circumstances
enumerated in section 2 hereof constitute emergency circumstances making it necessary that the
USBC Revenue Bonds Project Emergency Approval Resolution of 2025 be adopted on an
emergency basis.
Sec. 4. This resolution shall take effect immediately.