Legislation # 07-0059 Enactment Number none
Type Resolution Effective Date 2/14/2007
Introduction Date 2/14/2007
Title A Resolution Authorizing the Execution of a First Amendment to the Memorandum of Understanding with the Peninsula Town Center Community Development Authority and Hampton Mall Associates.
 
Legislation History 07-0059
DateNotice Of ActionDescription
2/14/2007 Moved to approve consent agenda items 4 though 16 and 18 through 22.
2/1/2007 Received By Clerk's Office
 
View Attachments 07-0059
FileTypeSizeDescription
ColiseumCDAFirst_Amendment_to_MOU (2).DOC Other 38K First Amendment to Memorandum of Understanding
 
Legislation Text 07-0059

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: R-2007-00068

 

Enactment Number: -

 

A Resolution Authorizing the Execution of a First Amendment to the Memorandum of Understanding with the Peninsula Town Center Community Development Authority and Hampton Mall Associates.

 

RESOLUTION

WHEREAS, the Peninsula Town Center Community Development Authority ("Authority") was created by ordinance of the City Council of the City of Hampton, Virginia (the "City") to finance certain public infrastructure associated with the redevelopment of the Hampton Coliseum Mall area (the "Infrastructure"); and

WHEREAS, on April 25, 2006, the City entered into a Memorandum of Understanding (MOU) with the Authority and Hampton Mall Associates (the Developer) which memorialized the respective obligations of the parties;

WHEREAS, on October 25, 2006, the City Council adopted a Special Assessment Ordinance which authorized the Authority to issue special assessment bonds ("Bonds") to finance the Infrastructure;

WHEREAS, since the execution of the MOU, construction costs associated with the Infrastructure have risen dramatically, thus necessitating an increase in the amount of the Bonds;

WHEREAS, the increase in the amount of the Bonds and other minor changes require an amendment to the MOU; and

WHEREAS, the City Council has determined that the changes to the MOU are acceptable.

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

 

1.      That the First Amendment to Memorandum of Understanding is approved in substantially the form attached hereto, with such changes, insertions, revisions, completions or omissions as may be approved by the City Manager whose approval shall be evidenced conclusively by the execution and delivery of such document.

2.      That the execution and delivery of and performance by the City under the First Amendment to Memorandum of Understanding are authorized. The City Manager is authorized to execute on behalf of the City the First Amendment to Memorandum of Understanding. The City Manager or his designee is authorized to execute and deliver on behalf of the City such instruments, documents or certificates, and to do and perform such things and acts, as they shall deem necessary or appropriate to carry out the transactions authorized by this Resolution; and all of the foregoing, previously done or performed by such officers or agents of the City, are in all respects approved, ratified and confirmed.

3. That this Resolution shall be effective upon its adoption.

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on February 14, 2007.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council