Legislation # 15-0335 Enactment Number none
Type Resolution - Grant Effective Date none
Introduction Date 10/28/2015
Title Resolution Approving the Commonwealth’s Development Opportunity Fund Performance Agreement by and among the City of Hampton, Virginia (the “City”), the Economic Development Authority of the City of Hampton, Virginia (the “Authority”) and Measurement Specialties, Inc. (“MSI”); Approving a Grant of City Funds to the Authority to Match and Supplement the Commonwealth’s Development Opportunity Fund; and Transferring Proceeds Received from the Commonwealth’s Development Opportunity Fund Grant to the Authority
 
Legislation History 15-0335
DateNotice Of ActionDescription
10/28/2015 Approved items 1 through 6 on the consent agenda.
10/17/2015 Received By Clerk's Office
 
View Attachments 15-0335
FileTypeSizeDescription
EDA Local Grant Agreement 101415.doc Other 62K EDA Local Grant Agreement
COF Performance Agreement 101415.doc Other 64K COF Performance Agreement
 
Legislation Text 15-0335

 

City of Hampton, Virginia

Resolution - Grant

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 15-0335

 

Enactment Number: -

 

Resolution Approving the Commonwealths Development Opportunity Fund Performance Agreement by and among the City of Hampton, Virginia (the City), the Economic Development Authority of the City of Hampton, Virginia (the Authority) and Measurement Specialties, Inc. (MSI); Approving a Grant of City Funds to the Authority to Match and Supplement the Commonwealths Development Opportunity Fund; and Transferring Proceeds Received from the Commonwealths Development Opportunity Fund Grant to the Authority

 

WHEREAS, Measurement Specialties, Inc., a New Jersey corporation authorized to transact business in the Commonwealth of Virginia, has announced that it create a new manufacturing line at its facility located at 100 Lucas Way in Hampton, Virginia (the Facility) to produce a new product of sensors;

 

WHEREAS, MSI plans to make a total capital investment of a minimum of $9,000,000 in new machinery and tools at the Facility, and will create and maintain up to 66 new jobs;

 

WHEREAS, the Virginia Economic Development Partnership Authority has awarded a Commonwealths Development Opportunity Fund (COF) Grant to MSI in the amount of $200,000 for the purpose of inducing MSI to create the new manufacturing line at the Facility in accordance with the Commonwealths Development Opportunity Fund Performance Agreement;

 

WHEREAS, the COF Grant will be distributed to the Authority as permitted by Section 2.2-115(D) of the Virginia Code;

WHEREAS, Authority will grant MSI a maximum total of $200,000 from the Economic Development Fund (Local Grant) as a match towards the GOF Grant;

 

WHEREAS, the stimulation of the additional tax revenue and economic activity to be generated by MSIs total capital investment and the creation of new employment opportunities constitutes a valid public purpose for the expenditure of public funds and is the animating purpose for the COF Grant and the Local Grant; and

 

WHEREAS, in order for the City to receive the COF Grant from the Commonwealth of Virginia, a tri-party Commonwealths Development Opportunity Fund Performance Agreement is required among and between the City, the Authority and MSI.

 

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

1. That it authorizes and directs the City Manager to execute, on behalf of the City of Hampton, Virginia, any and all documents necessary to effect and implement a Commonwealths Development Opportunity Fund Performance Agreement by and among the City of Hampton, Virginia, the Economic Development Authority of the City of Hampton, and Measurement Specialties, Inc., a New Jersey corporation;

 

2. That it authorizes and approves a grant of city funds to the Authoritys Economic Development Fund to match and supplement the Commonwealths Development Opportunity Fund; and

 

3. That upon receipt of the COF Grant, the City will transfer the COF Grant proceeds in the sum of $200,000 to the Authority for distribution in accordance with the Commonwealths Development Opportunity Fund Performance Agreement.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on October 28, 2015.

 

 

 

Signed by ____________________________ Date _________________

George E. Wallace, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass, CMC

Clerk of the Council