Legislation # 07-0298 Enactment Number none
Type Resolution Effective Date 5/23/2007
Introduction Date 5/23/2007
Title Resolution Authorizing the Appropriation of $81,082.16 from the Economic Development Fund to the Industrial Development Authority for the Payment of a Real Estate Commission.
 
Legislation History 07-0298
DateNotice Of ActionDescription
5/23/2007 Approved
5/14/2007 Received By Clerk's Office
 
View Attachments 07-0298
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Legislation Text 07-0298

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 07-0298

 

Enactment Number: -

 

Resolution Authorizing the Appropriation of $81,082.16 from the Economic Development Fund to the Industrial Development Authority for the Payment of a Real Estate Commission.

 

RESOLUTION

WHEREAS, on April 11, 1997, the IDA entered into a lease purchase Agreement with Whitney Rand M.F.G. Corp. for property located at 220 E Street; and

 

WHEREAS, on October 28, 1999, Whitney Rand was purchased by Rapid Rack Industries, Inc and the Authority approved the Assignment and Modification and Deed of Lease from Whitney Rand to Rapid Rack; and

 

WHEREAS, on May 28, 2004, the IDA approved a Sublease & Purchase Agreement between Rapid Rack and Copeland Products, LLC; and

 

WHEREAS, the Authority agreed to pay GVA Advantis a commission;

 

NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Hampton, Virginia that the sum of $81,082.16 be appropriated from the Economic Development Fund to the Industrial Development Authority of the City of Hampton, Virginia for the payment of a real estate commission on the sale of 220 E Street.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia, held May 23, 2007.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council