Legislation # 07-0651 Enactment Number none
Type Resolution Effective Date 12/19/2007
Introduction Date 12/19/2007
Title Resolution Appropriating $6,500.00 from the Economic Development Fund to the Industrial Development Authority of the City of Hampton, Virginia for a Job Creation Grant to Portfolio Recovery Associates, Inc.
 
Legislation History 07-0651
DateNotice Of ActionDescription
12/19/2007 Approved items 2 through 9 and 11 through 18 on the consent agenda.
12/6/2007 Received By Clerk's Office
 
View Attachments 07-0651
FileTypeSizeDescription
Goodman job creation report.pdf Advertisement 65K Attestation Statement from Goodman and Company
 
Legislation Text 07-0651

 

City of Hampton, Virginia

Miscellaneous Consent Item

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 07-0651

 

Enactment Number: -

 

Resolution Appropriating $6,500.00 from the Economic Development Fund to the Industrial Development Authority of the City of Hampton, Virginia for a Job Creation Grant to Portfolio Recovery Associates, Inc.

 

WHEREAS, on March 1, 2003, in furtherance of its statutory purposes, the Industrial Development Authority of the City of Hampton, Virginia (the Authority) entered into a Capital Investment/Job Creation Grant Agreement (the Agreement) with Portfolio Recovery Associates Inc., (PRA) to induce PRA to locate a facility in the City of Hampton (the City); and

 

WHEREAS, under the terms of the Agreement, RPC was to create jobs in the City and to make certain capital investment within the City, for a grant payment in the maximum amount of $25,000 each, subject to specific terms and conditions; and

 

WHEREAS, PRA had previously earned the Capital Investment Grant and is now requesting a Job Grant for creating 65 of the required 250 full-time jobs paying at least $30,000 per year in accordance with the provisions of the Agreement; and

 

WHEREAS, the Authority has documentation supporting the creation of the 65 full-time jobs which warrants a grant payment of $6,500.00 to PRA; and

 

WHEREAS, the City Council finds that it is in the best interest of the City and its citizens to appropriate the funds to the Authority to allow such grant payments to be made to businesses that locate facilities in the City of Hampton and further the economic growth of the City through capital investment and job creation.

 

NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Hampton, Virginia that the sum of $6,500.00 be appropriated from the Economic Development Fund to the Industrial Development Authority of the City of Hampton, Virginia, for a job creation grant to be paid to Portfolio Recovery Associates Inc.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on December 19, 2007.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council