Legislation # 14-0039 Enactment Number none
Type Resolution - Budget Item Effective Date none
Introduction Date 1/8/2014
Title Resolution authorizing (a) the consolidation of the Neighborhood Retail Revitalization Program and the Downtown Hampton and Phoebus Loan Assistance Program with the Economic Development Authority's Revolving Loan Funds and (b) a Budget transfer of the remaining funds in the aforesaid programs to the Economic Development Authority's Revolving Loan Fund
 
Legislation History 14-0039
DateNotice Of ActionDescription
1/8/2014 Approved
12/23/2013 Received By Clerk's Office
 
View Attachments 14-0039
FileTypeSizeDescription
Supporting Documents - EDA Loan and Grant Program Consolidation.pdf Other 2621K Supporting Resolutions
 
Legislation Text 14-0039

 

City of Hampton, Virginia

Resolution - Budget Item

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 14-0039

 

Enactment Number: -

 

Resolution authorizing (a) the consolidation of the Neighborhood Retail Revitalization Program and the Downtown Hampton and Phoebus Loan Assistance Program with the Economic Development Authority's Revolving Loan Funds and (b) a Budget transfer of the remaining funds in the aforesaid programs to the Economic Development Authority's Revolving Loan Fund

 

WHEREAS, the Economic Development Authority (formerly the Industrial Development Authority) of the City of Hampton, Virginia (the "Authority") was created for the purpose of promoting industry and developing trade by inducing manufacturing, industrial and commercial enterprises to locate in the City, as well as to promote and encourage the creation and development of new businesses in the City through, inter alia, the acquisition and leasing of real property and the provision of loans and grants; and

 

WHEREAS, on May 12, 1987, the City Council established a "Revolving Loan Fund" and authorized the Authority to administer the funds with the goals of creating jobs, increasing business ownership, promoting economic or community development, or promoting economic self-sufficiency within the City of Hampton; and

 

WHEREAS, in 1997, the City Council approved the formation of the Hampton Business Incentive Corporation ("HBIC") under auspices of the Hampton Redevelopment and Housing Authority ("HRHA") to provide loan guarantees and interest rate buy-downs to help business expansions or startups in Downtown Hampton and Phoebus, and the HBIC Board currently administers the "Downtown Hampton and Phoebus Loan Assistance Program"; and

 

WHEREAS, in 1999, the City Council created the "Shopping Center Revitalization Program" (now called the "Neighborhood Retail Revitalization Program"), administered by the Department of Economic Development, to encourage the recruitment and retention of retailers by providing financial assistance (grants) to owners and business for building improvements; and

 

WHEREAS, in its efforts to better achieve greater alignment of incentive and loan programs with its economic development objectives, the Authority amended its Revolving Loan Fund Plan to include grants as well as loans, and requested the Economic Development staff to examine opportunities to streamline and consolidate current incentive and loan programs; and

 

WHEREAS, the Economic Development staff determined and the Authority agreed that the consolidation of the Neighborhood Retail Revitalization program and Downtown Hampton and Phoebus Loan Assistance Program with the Authority's Revolving Loan Fund would be more efficient in achieving the Authority's economic development objectives and would provide better clarity to the business community as to the available incentive and loan programs; and

 

WHEREAS, the Authority subsequently approved a resolution requesting City Council to approve the consolidation of the Neighborhood Retail Revitalization Program and the Downtown Hampton and Phoebus Loan Assistance Program with the Authority's Revolving Loan Fund and the transfer of the remaining funds in the programs to its Revolving Loan Fund, and the HBIC and the HRHA have adopted similar resolutions; and

 

WHEREAS, the Authority will utilize all funds collected from consolidation of the two programs to provide future loans and grants for the purposes set forth herein; and

 

WHEREAS, the City Council finds that it is in the best interest of the citizens of Hampton and the business community that the aforesaid programs be consolidated and the remaining funds be transferred to the Authority's Revolving Loan Fund.

 

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

 

1. That it authorizes (i) the consolidation of the Neighborhood Retail Revitalization Program and the Downtown Hampton Phoebus and Loan Assistance Program with the Economic Development Authority's Revolving Loan Fund, and (ii) the transfer of the remaining funds in the aforesaid programs to the Authority's Revolving Loan Fund; and

 

2. That the City Manager is authorized and directed to take all actions necessary to transfer any remaining funds from the Neighborhood Retail Revitalization Program and the Downtown Hampton and Phoebus Loan Assistance Program to the Economic Development Authority's Revolving Loan Fund to be administered under the provisions of the Revolving Loan Fund Plan.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on January 8, 2014.

 

 

 

Signed by ____________________________ Date _________________

George E. Wallace, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass, CMC

Clerk of the Council