Legislation # 06-0363 Enactment Number none
Type Acquisitions Effective Date none
Introduction Date 6/14/2006
Title A Resolution Authorizing the Execution of An Agreement of Sale For the Purchase of Property known as Otley Road, consisting of 1.24 acres +/-, RPC No. 2002247, from Old Point Trust & Financial Services, NA, Executor of the Estate of Jarnice W. Chapman, deceased and Co-Trustee of the Jarnice W. Chapman Irrevocable Trust dated September 1, 2000 and Talmage D. Wade, Co-Trustee of the Jarnice W. Chapman Irrevocable Trust dated September 1, 2000.
 
Legislation History 06-0363
DateNotice Of ActionDescription
8/9/2006 Adopted
7/19/2006 Deferred (8/9/2006)
6/14/2006 Deferred (7/19/2006)
6/2/2006 Received By Clerk's Office
 
View Attachments 06-0363
FileTypeSizeDescription
OTLEY RD-Aerial.jpg Photo 4230K Aerial Photo of Otley Road
OTLEY RD.jpg Map 1620K Aerial Map of Otley Road
Chapman agr.doc Contract 65K Agreement of Purchase
 
Legislation Text 06-0363

 

City of Hampton, Virginia

Acquisitions

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 06-0363

 

Enactment Number: -

 

A Resolution Authorizing the Execution of An Agreement of Sale For the Purchase of Property known as Otley Road, consisting of 1.24 acres +/-, RPC No. 2002247, from Old Point Trust & Financial Services, NA, Executor of the Estate of Jarnice W. Chapman, deceased and Co-Trustee of the Jarnice W. Chapman Irrevocable Trust dated September 1, 2000 and Talmage D. Wade, Co-Trustee of the Jarnice W. Chapman Irrevocable Trust dated September 1, 2000.

 

WHEREAS, the Council of the City of Hampton has set as a priority the revitalization of the City of Hampton to attract investment, new business and new vitality to the City area through the adoption of the Kecoughtan Corridor Acquisition/Demolition Fund, # 20-810-B223-08110; and

WHEREAS, staff has obtained a contract for the City to purchase real property known as Otley Road, consisting of 1.24 acres +/-, RPC No. 2002247, in the City of Hampton (the Property) from Old Point Trust & Financial Services, NA, Executor of the Estate of Jarnice W. Chapman, deceased and Co-Trustee of the Jarnice W. Chapman Irrevocable Trust dated September 1, 2000 and Talmage D. Wade, Co-Trustee of the Jarnice W. Chapman Irrevocable Trust dated September 1, 2000, for $108,000.00 which consists of a vacant lot; and

WHEREAS, the purchase price of $108,000.00 is deemed fair and reasonable, the Agreement of Sale that is attached to this Resolution sets forth reasonable and acceptable terms, and funding to acquire the Property, including all acquisition costs as set forth in Exhibit A attached hereto, will come from the Kecoughtan Corridor Acquisition/Demolition Fund, # 20-810-B223-08110; and

WHEREAS, the purchase of this Property is strategic for assemblage and development of the City of Hampton in accordance with the Kecoughtan Corridor Acquisition/Demolition Fund, # 20-810-B223-08110 and is manifestly in the public interest.

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

1. That the City Manager or his designee is hereby authorized and directed to (i) execute the Agreement of Sale with Old Point Trust & Financial Services, NA, Executor of the Estate of Jarnice W. Chapman, deceased and Co-Trustee of the Jarnice W. Chapman Irrevocable Trust dated September 1, 2000 and Talmage D. Wade, Co-Trustee of the Jarnice W. Chapman Irrevocable Trust dated September 1, 2000, in substantially the form attached to this Resolution, with such modifications as the City Manager or his designee, on the advice of counsel, believes to be in the interest of the City, and (ii) any and all necessary legal documents to effectuate the transfer of title; such documents shall include, but not be limited to, contracts, deeds, easements, releases for sale and transfer, and conveyance of the Property; and

2. That this Resolution shall be effective upon adoption.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held

 

on July 19, 2006.

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council

 

 

 

 

 

 

EXHIBIT A

 

 

 

ACQUISITION COSTS

Land $ 108,000.00

Closing costs est $ 663.00

Demo costs est $ 00

Total $ 108,663.00