Legislation # 07-0563 Enactment Number none
Type Resolution Effective Date none
Introduction Date 10/10/2007
Title A Resolution Appropriating $500,000 from General Fund Balance to the Hampton Redevelopment and Housing Authority in Support of the Authority’s Plans for Disposition and Operation of the Former Radisson Hotel by the Authority’s Subsidiary, Hampton Economic Development Corporation.
 
Legislation History 07-0563
DateNotice Of ActionDescription
10/10/2007 Adopted
10/5/2007 Received By Clerk's Office
 
View Attachments 07-0563
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Legislation Text 07-0563

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 07-0563

 

Enactment Number: -

 

A Resolution Appropriating $500,000 from General Fund Balance to the Hampton Redevelopment and Housing Authority in Support of the Authoritys Plans for Disposition and Operation of the Former Radisson Hotel by the Authoritys Subsidiary, Hampton Economic Development Corporation.

 

WHEREAS, The Hampton Redevelopment and Housing Authority (the Authority) has undertaken, through acquisition of the former Radisson Hotel property (via its subsidiary Hampton Economic Development Corporation HEDC) to assist the City of Hampton in the accomplishment of its downtown revitalization goals by attracting either a first class hotel operation and related facilities to the hotel site or the development of an appropriate residential or mixed use project located at that site;

 

WHEREAS, HEDC acquired the hotel property on October 1, 2007 subject to secured debt obligations which are or may be required to be met in order to realize the Citys goals for downtown revitalization and the Authoritys goals for disposition of the hotel property in support of such revitalization;

 

WHEREAS, the Authority, through HEDC, is continuing, uninterrupted, the hotel operation pending sale or other disposition of the hotel property pursuant to HEDCs marketing efforts and solicitation of requests for expressions of interest and qualifications; and

 

WHEREAS, the City Council and the Authority have agreed to enter into a cooperation agreement in substantially the form attached hereto, pursuant to which the City undertakes to provide funds to the Authority in support of its efforts to attract either a first class hotel operation and related facilities at the hotel property site or the development of an appropriate residential or mixed use project at that site, and to provide funds in support of the Authoritys expenses incurred in owning and operating the hotel in the interim.

 

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hampton, Virginia that $500,000.00 (Five Hundred Thousand Dollars and no cents) be appropriated to the Hampton Redevelopment and Housing Authority from General Fund Balance for the reasons and purposes described above.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on October 10, 2007.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council