(Alexandria, VA) – The Industrial Development Authority of the City of Alexandria authorized the issuance of $64,000,000 in revenue bonds to fund the American Society of Clinical Oncology (ASCO)’s purchase of a new headquarters building.

The financing assistance approved at the April 2008 meeting will allow ASCO, currently headquartered in Alexandria, to grow while consolidating operations into one new Class A office building. Since its creation in 1964, ASCO has grown significantly and now employs 240 people at their Alexandria-based offices.  This office purchase will allow ASCO to consolidate their operations, currently in three different buildings, and will allow for continued future growth.

The proceeds of the Bonds will be used by ASCO to acquire and fully equip a new five-floor office condominium at Carlyle Overlook, located at 2318 Mill Road.  The 123,085 square foot facility is located in the Carlyle section of Alexandria, adjacent to the United States Federal Courthouse, the Westin Alexandria and new office and residential construction.

The Alexandria Industrial Development Authority bond financing program is a proven success in enabling non-profit organizations to purchase real estate and facilities in the City.  The taxes and job creation by applicants is significant and these organizations are some of the most active corporate citizens in Alexandria.  The Alexandria IDA works closely with the Alexandria Economic Development Partnership to promote the bond financing program, and all income generated by the Authority is dedicated to new and ongoing economic development efforts.   

About the IDA

The Industrial Development Authority of the City of Alexandria provides financing assistance to qualified businesses and organizations wishing to make an investment within the City of Alexandria.  The Authority, a subdivision of the Commonwealth of Virginia, acts as a conduit, issuing bonds and lending proceeds to 501(c)(3) organizations, small manufacturers and others.   In Virginia, the Industrial Development and Revenue Bond Act provides the legal framework for such financing.

For Immediate Release- 5/15/08

Contact: Stephanie Landrum, IDA Administrator
703-739-3820, xt. 102

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