The Fairfax County Board of Supervisors on Tuesday (Oct. 13) gave itself a little more financial breathing room as redevelopment of the Original Mount Vernon High School moves toward expected substantial completion next spring.
Supervisors voted 10-0 to allow county staff to increase from $90 million to $110 million the existing master credit agreement with the Fairfax County Economic Development Authority and Wells Fargo Bank, National Association for the project.
The additional $20 million will enable the county government to quickly tap into “additional money, if it’s necessary” for the project to turn the historic high school building into a human development center, Mount Vernon District Supervisor Dan Storck said.
The county government has already accessed $58 million of the initial $90 million. With the additional $20 million added to the mix, the county government will be able to draw down a further $52 million as needed at interest rates that to date have varied between 4% and 6%, according to a staff report.
The county government authorized the initial $90 million line of credit in early 2024, establishing it primarily to provide short-term financing for design and construction at the former high school, now rebranded as The Commons Mount Vernon.
According to county staff’s memo for the board:
“The project includes the renovation of the historic former high school facility and associated site improvements to provide space for a variety of community uses, including educational and workforce development programs, early-childhood education, arts and recreational programs, life-skills programming and business incubation.”
The financing agreement with a subsidiary of Wells Fargo runs for three years to early 2027, with two one-year renewal options.
Storck said the financing was designed to “bring the pieces together” in a project that will restore 133,000 square feet of existing space and add 16,000 square feet of new construction on the 22-acre property at 8333 Richmond Highway.
Smoot Construction is general contractor for the project, which has a three-pronged approach to facilities, according to county staff:
- “Core elements” include the nonprofit programs and Neighborhood and Community Services spaces such as a teen and senior center, gym and early-childhood-education programs
- “Anchor spaces” will house educational programs to support workforce development
- “Complementary elements” including business-incubation spaces, visual-arts and performance spaces and a welcome center and event space
Mount Vernon High School was constructed in 1939 in the Colonial Revival style. It was listed on the Virginia Landmarks Register in 2017 and the National Register of Historic Places the following year.
As part of the renovation project, the county government has worked with the Virginia Department of Historic Resources to support the restoration of the existing school building.
Recently, county staff identified the need for an additional $5.5 million in work, including undergrounding of utilities along Richmond Highway and unforeseen additional plaster repairs beyond the original project scope.
The additional $20 million being made available by Wells Fargo will allow those projects to be completed while leaving a $14.5 million cushion for further unanticipated costs prior to completion of work next year, county staff said in the memo to supervisors.
