Legislation # 06-0643 Enactment Number none
Type Contract / Agreement Effective Date none
Introduction Date 11/15/2006
Title Resolution Approving the Terms of a Cooperation Agreement between the City of Hampton and the Hampton Redevelopment and Housing Authority, and Authorizing the Execution and Delivery of said Cooperation Agreement for the Collins Apartment Project in Downtown Hampton.
 
Legislation History 06-0643
DateNotice Of ActionDescription
11/15/2006 Adopted
11/4/2006 Received By Clerk's Office
 
View Attachments 06-0643
FileTypeSizeDescription
Cooperation Agreement.doc Exhibit 50K Cooperation Agreement
 
Legislation Text 06-0643

 

City of Hampton, Virginia

Contract / Agreement

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 06-0643

 

Enactment Number: -

 

RESOLUTION APPROVING THE TERMS OF A COOPERATION AGREEMENT BETWEEN THE CITY OF HAMPTON AND THE HAMPTON REDEVELOPMENT AND HOUSING AUTHORITY, AND AUTHORIZING THE EXECUTION AND DELIVERY OF SAID COOPERATION AGREEMENT FOR THE COLLINS APARTMENT PROJECT IN DOWNTOWN HAMPTON

 

 

WHEREAS, the Council of the City of Hampton (the Council) has set as a priority the revitalization of downtown to attract investment, new business and new vitality to downtown and has adopted the Downtown Master Plan, as amended, which inter alia calls for the development of both retail/office and residential units for sale and for rent in downtown Hampton; and

WHEREAS, the Hampton Redevelopment and Housing Authority (the Authority) has determined that such a mixed-use development project would (i) further the economic development of downtown Hampton and the Authoritys priorities in the direct and indirect economic benefits provided, and (ii) will attract investment, new business and new vitality to the City of Hampton; and

WHEREAS, the Council has determined that the development of the Hampton Heritage, L.L.C. project comprised of luxury apartments (the Collins Apartment Project) will increase tax revenues, improve the image and economic vitality of downtown Hampton and stimulate its redevelopment, and is therefore in the best interest of the citizens of the City of Hampton; and

WHEREAS, the City Council is willing to financially participate in the Collins Apartment Project by entering into a Cooperation Agreement to meet the obligations of the Authority for the Collins Apartment Project, subject to appropriation; and

WHEREAS, the City Council has determined that the transactions negotiated with the developer as set forth in the Development Agreement, as amended, and Ground Lease are acceptable;

NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Hampton, Virginia, as follows:

1.                  That it approves the terms of the Cooperation Agreement attached hereto; and

2.                  That the City Manager or his Authorized Designee be and is hereby authorized to execute and deliver to the Hampton Redevelopment and Housing Authority the Cooperation Agreement in substantially the form attached hereto.

 

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on November 15, 2006.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council