Legislation # 08-0344 Enactment Number none
Type Resolution - Budget Item Effective Date none
Introduction Date 8/20/2008
Title Resolution Authorizing the City Manager to Proceed with the Acquisition of Real Property Known as the Property of Francine C. Corey off Pine Chapel Road and to Appropriate $665,000.00 from the fund Balance of the City’s Economic Development Fund to fund the acquisition.
 
Legislation History 08-0344
DateNotice Of ActionDescription
8/20/2008 Adopted
8/8/2008 Received By Clerk's Office
 
View Attachments 08-0344
FileTypeSizeDescription
CoreyPineChapel agr of sale.doc Contract 69K Agreement of Sale
 
Legislation Text 08-0344

 

City of Hampton, Virginia

Resolution - Budget Item

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 08-0344

 

Enactment Number: -

 

Resolution Authorizing the City Manager to Proceed with the Acquisition of Real Property Known as the Property of Francine C. Corey off Pine Chapel Road and to Appropriate $665,000.00 from the fund Balance of the Citys Economic Development Fund to fund the acquisition.

 

WHEREAS, staff negotiated a contract for the City to purchase four parcels of real property totaling approximately 1.61 acres located off Pine Chapel Road in the Crossroads area of the Coliseum Central District of Hampton (the Corey Property) from Francine C. Corey, for $600,000.00 (the Purchase Price);

 

WHEREAS, the Corey Property is being acquired as part of the implementation of the 2004 Coliseum Central Master Plan, as amended;

 

WHEREAS, the Purchase Price is deemed fair and reasonable, the Agreement of Sale that is attached to this Resolution sets forth reasonable and acceptable terms, and funding for the Purchase Price of $600,000.00 and all acquisition and demolition costs in the amount of $65,000.00, will come from the Economic Development Fund; and

 

WHEREAS, the purchase of the Corey Property is of vital importance for the implementation of the 2004 Coliseum Master Plan, as amended, in that it is strategically located near The Power Plant, Bluebird Gap Farm and property at the corner of Pine Chapel Road and Power Plant Parkway currently owned by the City and known as the NDS site, and is manifestly in the public interest.

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

 

1. That the City Manager or his designee is hereby authorized and directed to proceed with the acquisition of the Corey Property and that the Agreement of Sale with Francine C. Corey, in substantially the form attached to this Resolution, is approved with such modifications as the City Manager or his designee, on the advice of counsel, believes to be in the interest of the City, together with the execution of any and all necessary legal documents to effectuate the transfer of title; such documents shall include, but not be limited to, contracts, deeds, easements, releases for sale and transfer, and conveyance of the Corey Property; and

 

2. That the sum of $665,000.00 as set forth in Exhibit A attached hereto be appropriated from the fund balance of the Citys Economic Development Fund to fund the acquisition and related costs of acquisition (including demolition costs) of the Corey Property.

 

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia, held on August 20, 2008.

 

 

Signed by ____________________________ Date _________________

Molly Joseph Ward, Mayor

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council